Prospex Oil and Gas PLC Onshore Romania Well Update (6303R)
25 September 2017 - 4:00PM
UK Regulatory
TIDMPXOG
RNS Number : 6303R
Prospex Oil and Gas PLC
25 September 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
25 September 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Onshore Romania Well Update
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to provide an update on its investment in the Exploration
Area of the EIV-1 Suceava Concession (the 'Concession' or
'Suceava'), which is located in a proven hydrocarbon basin in North
East Romania. Prospex has a 50% interest in Suceava.
Prospex has been informed by the operator, Raffles Energy S.R.L.
that well site preparations for the Bainet-1 well are near
completion. The contracted rig, the Weatherford 865 is presently
drilling operations in the neighbouring block to the west. Once
these operations are complete the rig will move and commence
operations at Bainet-1. It is anticipated that the rig could be
onsite in a couple of weeks, but exact timings are dependent on the
rig being released from its current operations. The Company does
not intend to provide a further update on the Bainet-1 well until
drilling is imminent or underway.
A selection of photographs detailing progress at the site of the
Bainet-1 well are available to view on the Company's website:
http://www.prospexoilandgas.com/gallery.html
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 20
Plc 3586 1009
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Lucy Williams Peterhouse Corporate Tel: +44 (0) 20
Charles Goodfellow Finance 7469 0932
Eran Zucker
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 7236 1177
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company
focussed on high impact onshore and shallow offshore European
opportunities with short timelines to production. The Company's
management acquires undervalued projects with multiple, tangible
value trigger points that can be realised within 12 months of
acquisition and then applying low cost re-evaluation techniques to
identify and de-risk prospects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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