Prospex Oil and Gas PLC Commencement of drilling, onshore Romania (2533W)
13 November 2017 - 6:00PM
UK Regulatory
TIDMPXOG
RNS Number : 2533W
Prospex Oil and Gas PLC
13 November 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
13 November 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Confirmation of Commencement of drilling, onshore Romania
Further to the Company's announcement of 31 October 2017,
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to confirm it has been advised by the operator, Raffles
Energy S.R.L., that the Bainet-1 well ('Bainet-1' or 'the Well') in
the 1,734 sq km Exploration Area of the EIV-1 Suceava Concession
(the 'Concession' or 'Suceava'), onshore Romania spudded at
approximately 3.30pm on 10 November 2017. Prospex has a 50%
interest in Suceava, which is located in a proven hydrocarbon basin
in North East Romania.
The Well is targeting the Bainet Prospect, a shallow, 600m
biogenic gas target covered by 3D seismic. The Bainet Prospect lies
on trend with similar fields producing from good quality Salmatian
reservoirs on the Concession as well as with analogue gas fields
producing conventional high-calorific value natural gas (over 98%
methane content) in the Bilca Gas Production Area of the adjoining
EIII-1 Brodina Block. The Bainet Prospect is a well-defined
structural closure on seismic, supported by an amplitude variation
with offset ('AVO') response similar to nearby fields. It has been
assigned internal gross prospective resources of approximately
1.5bcf recoverable.
Drilling and short term testing, which is being undertaken by
Weatherford Drilling International, is expected to take 15
days.
A selection of photographs from this the well site of rig
preparation can be found on the Company's website:
http://www.prospexoilandgas.com/home/#gallery.
Prospex non-executive Chairman, Bill Smith, said, "The
commencement of drilling operations at the Bainet Prospect kicks
off what promises to be an exciting period for Prospex, which will
see us participate in the drilling of two wells in the next few
weeks. In addition to Suceava, we have a 17% interest in the Podere
Maiar-1d appraisal well in the Podere Gallina Exploration Permit in
the Po Valley region of Italy, which is also due to be drilled
shortly targeting contingent resources (2C) of 17 Bcf. I look
forward to providing further updates on our progress as we look to
deliver value for Prospex shareholders in the near term."
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 20
Plc 3766 0325
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
Duncan Vasey Peterhouse Corporate Tel: +44 (0) 20
Finance 7469 0932
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
strategy is to acquire 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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