Aurelian and Kulczyk to Cooperate on Polish Upstream

Aurelian Oil and Gas has announced that it has signed a Relationship and Area of Mutual Interest (R&AMI) agreement with shareholder Kulczyk Investments SA to develop oil and gas upstream projects in Poland.

The deal sees Kulczyk, a 13.77 per cent shareholder in Aurelian, take a greater focus on upstream projects. Aurelian says that both companiues will establish a strategic partnership, with investment, gas marketing, procurement of oilfield services and, in time, the procurement of midstream processing and production infrastructure.

Aurelian willl take the operatorship where it is available on projects with Kulczyk Investments bringing "significant capital and strong downstream and gas commercialisation capabilities to the venture," a statement from Aurelian says.

Aurelian says that the deal will be a catalyst for the company's Polish business.

"Kulczyk Investments is a strong, well-funded, local partner who we know well and have a long affiliation with," chief executive of Aurelian Rowen Bainbridge said. "Excellent synergies exist between our technical capability and Kulczyk Investments' M&A and gas commercialisation skills. We see this agreement as key catalyst to support the growth of Aurelian's Polish business going forward."

"Kulczyk Investments has consistently implemented its international strategy of increasing its presence on the energy resources exploration and production market," chief executive of Kulczyk Investments Dariusz Mioduski said.

"As a strategic investor in and partner with Aurelian, we bring our knowledge and, most of all, our expertise in carrying out complex investment projects in the Polish market. I am strongly convinced that our cooperation will enhance the capability and the value of Aurelian."