Prospex Oil and Gas PLC Commencement of drilling, onshore Poland (5147R)
12 December 2016 - 6:00PM
UK Regulatory
TIDMPXOG
RNS Number : 5147R
Prospex Oil and Gas PLC
12 December 2016
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Commencement of drilling, onshore Poland
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to announce it has been advised that the Boleslaw-1 well
('Boleslaw-1' or 'the Well') in the 1,150 sq km Kolo Licence
('Kolo'), onshore Poland spudded at 5:50pm on 10 December 2016.
Boleslaw-1 is targeting gas in an active petroleum system and the
Boleslaw prospect has been independently assigned a gross
Prospective Resource (best estimate) of 87 bscf. Kolo is 100% owned
by Strzelecki Energia Sp z.o.o ('Strzelecki'), a wholly owned
subsidiary of Hutton Poland Limited ('Hutton') in which Prospex
holds a 49% interest. The risked Prospective Resource (best
estimate) assigned to Prospex is 11.6 bscf. Drilling prior to
wireline logging, which is being undertaken by Exalo Drilling SA
('Exalo'), is expected to take 28 days.
The Well is targeting a stratigraphic wedge trap bounded by salt
on the SW and NW flanks, mapped in time and depth over an area
exceeding 6km(2) in the productive Polish Central Basin ('the
PCB'). The PCB is proven to have prolific source rocks similar to
NW Europe (Mid to Upper Jurassic and Cenomanian-Turonian age). Two
reservoir sandstones at depths of 900m (Santonian) and 1,400m (Deep
Cretaceous) have been mapped at Boleslaw, which has been assigned
an Economic Monetary Value ("EMV") (net to Prospex) at 1 January
2016 of between US$7.1m and US$12.2m (GBP5.6m and GBP9.7m based on
GBP/$ rate of 1.26 as at 1 December 2016) by AGR TRACS in an
independent Competent Persons' Report ('CPR') (see announcement
dated 26 May 2016 for further details).
A further selection of photographs from this work can be found
on the Company's website:
http://www.prospexoilandgas.com/gallery.html.
Prospex non-executive Chairman, Bill Smith, said "We are
delighted to announce that drilling at Boleslaw is now underway, on
time and on schedule. It was only in May 2016 that we announced our
intention to make an acquisition in the natural resources space and
a little over six months later, we are participating in our first
drill. To have reached this point in such a short space of time is
testament to the quality of the management team and their ability
to identify highly prospective undervalued projects in Europe. The
Kolo licence was the first investment we made under our amended
policy and it will not be the last. I look forward to providing
further updates on our progress, as we look to build a leading oil
and gas investment company."
This announcement contains inside information.
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 203
Plc 586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 7409
Ritchie Balmer 3494
Jon Belliss Beaufort Securities Tel: +44 (0) 207
Limited 382 8300
Lucy Williams Peterhouse Corporate Tel: +44 (0) 207
Charles Goodfellow Finance 469 0932
Eran Zucker Peterhouse Corporate
Finance
Peterhouse Corporate
Finance
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
St Brides Partners
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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