Prospex Oil and Gas PLC Successful Completion of Podere Maiar-1 well (8542Z)
20 December 2017 - 6:00PM
UK Regulatory
TIDMPXOG
RNS Number : 8542Z
Prospex Oil and Gas PLC
20 December 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
20 December 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Successful Completion of Podere Maiar-1 well, onshore Italy
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to announce that it has been advised by Po Valley Energy
Limited ('PVE'), the operator of the Podere Maiar-1d
appraisal/redevelopment well ('Podere Maiar' or 'the Well') onshore
Italy, that it has successfully cased, perforated and completed the
Well and that flow testing is expected to commence in January
2018.
Prospex holds a 17% interest in the Well (PVE 63% Operator;
United Oil & Gas Plc 20%), which is located on the Podere
Gallina Exploration Permit ('Podere Gallina' or the 'Permit') in
the Po Valley region, which is a proven hydrocarbon province.
Podere Maiar was drilled into the Selva Gas-Field (previously
operated by ENI), which historically produced 83Bcf of gas between
1960 and 1984.
Perforations over 11m have been executed successfully in two
identified gas reservoirs, C1 and C2, in the Medium-Upper Pliocene
sands of the Porto Garibaldi Fm. The perforations have been chosen
based on established reservoir management practices and long-term
production potential. The Well is now completed (single selective)
for production, is "on gas" and flow testing will be on a rig-less
basis.
Also recent log analysis, including data from pressure testing,
has delineated the two gas bearing reservoirs with a total gross
pay of 62m and a net pay of 41m. The shallower level C1's gross pay
runs from 1,253.5m MD to 1,275.5m MD, has a net pay of 15.5m, a gas
water contact ("GWC") at 1,270.5m MD and has been perforated over
2.5m in the uppermost portion. The deeper and thicker level C2's
gross pay runs from 1,282.5m MD to 1,322.5m MD, has a net pay of
25.5m, a GWC at 1,310m MD and has been perforated over a combined
8.5m. The C2 reservoir is expected to be the larger reservoir and
primary producer.
Prospex Non-Executive Chairman, Bill Smith, said, "With the
completion of Podere Maiar on time and on budget, we look forward
to flow testing the Well, which has two identified gas bearing
reservoirs and significant net pay zones. The completion is a
further positive for the Company, and underpins our investment
strategy. We now have interests in four onshore European projects,
two of which have yielded further gas discoveries. Our portfolio
approach is working, and we continue to look for opportunities that
we feel fit with our investment criteria. We have a strong
foundation for growth, visibility in production and excellent
exploration upside, which is beginning to be recognised and I hope
will be truly realised in 2018."
Carlos Venturini, Fellow of the Geological Society of London,
Exploration Manager has reviewed and approved the technical
information contained within this press release in his capacity as
a qualified person, as required under the AIM Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
* * 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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