Prospex Oil and Gas PLC Bainet-2 Spudding (4129D)
26 Junio 2019 - 1:00AM
UK Regulatory
TIDMPXOG
RNS Number : 4129D
Prospex Oil and Gas PLC
26 June 2019
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
26 June 2019
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Bainet-2 Spudding
Prospex Oil and Gas Plc, the AIM quoted investment company, has
been advised by the operator, Raffles Energy S.R.L. ('Raffles'),
that the Bainet-2 well ('Bainet West' or 'the Well') in the
Exploration Area of the EIV-1 Suceava Concession (the 'Concession'
or 'Suceava'), North East Romania spudded during the afternoon of
25 June 2019. Prospex's wholly-owned subsidiary, PXOG Massey
Limited, holds a 50% non-operated interest in the 984 sq km
Concession with the balance held by Raffles.
The Well is targeting the Bainet West prospect which is lying at
a depth of circa 600m. This prospect, which is well-defined on 2D
seismic, is a look alike to the Concession's producing Bainet gas
field. Specifically, it is located at a similar depth and in a
similar position in relation to a fault whilst presenting similar
seismic amplitude attributes to the Bainet field, which was
discovered by the Bainet-1 well in November 2017.
Drilling and testing at Bainet West are expected to take 15 - 20
days to complete. If a commercial discovery is made, it is expected
that Bainet West will be put on production in a similar fashion to
Bainet-1, via a flowline link to the Bilca gas processing plant,
which is less than 1.5km away.
Prospex Non-Executive Chairman, Bill Smith, said, "Bainet West
was only added to our inventory of prospects in Romania in March
2019 following the Concession's enlargement, so the commencement of
drilling a little over three months later is an exceptional
achievement, one which is testament to the first-rate operations
team on the ground, the business-friendly environment in Romania,
and our partner's excellent in-country knowledge and
experience.
"Bainet-2 is our fourth well in two and half years and follows
two discoveries; Bainet-1 in Romania, which is currently on
production, and the soon to be producing Podere Maiar-1 in Italy,
which is expected to come online in 2020 at a rate up to 150,000
cmpd. With much activity underway across our portfolio including
work programmes at the Tesorillo Project in Spain to de-risk 2 TCF
of gas unrisked Gross Prospective Resources, I look forward to
providing further updates on progress made on the ground, as we
focus on closing the huge gap between the value of our assets and
our share price."
Competent Person Review
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.
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 Plc Tel: +44 (0) 20 3948
1619
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Jack Botros
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
John Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7469
0932
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
Priit Piip 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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