Prospex Oil and Gas PLC Onshore Romania - New Exploration Well Update (2211A)
28 Mayo 2019 - 01:01AM
UK Regulatory
TIDMPXOG
RNS Number : 2211A
Prospex Oil and Gas PLC
28 May 2019
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
28 May 2019
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Onshore Romania - New Exploration Well Update
Prospex Oil and Gas Plc, the AIM quoted investment company, has
been advised by the operator, Raffles Energy S.R.L. ('Raffles'),
that all relevant permits are now in place to drill the Bainet West
prospect ('Bainet West') on the Exploration Area of the EIV-1
Suceava Concession (the 'Concession' or 'Suceava'), North East
Romania. The civil engineering works at the drilling site started
yesterday with the aim to allow on-site mobilisation of the
drilling contractor in the second half of June. Subsequent drilling
operations at Bainet West are expected to commence around end-June
/ early-July. Prospex's wholly-owned subsidiary, PXOG Massey
Limited, holds a 50% non-operated interest in the 984 sq km
Concession.
Bainet West is well defined on 2D seismic with similar seismic
attributes to Suceava's Bainet field which was discovered by the
Bainet-1 well in November 2017. The Bainet West prospect lies at a
similar depth and is similarly positioned in relation to a fault.
Bainet-1 was drilled to a total depth of 600m and encountered 9m of
reservoir with 8m of net gas pay consisting of a good quality
Sarmatian sandstone reservoir, similar to that found in fields
producing in and around the Concession. If a commercial discovery
is made, it would be likely put on production in a similar fashion
to Bainet-1, via a flowline link to Bilca gas processing plant.
Civil works and well site preparations for Bainet West will take
several weeks and are expected to be completed in time for the
contracted rig to be on site before end-June 2019. Exact timings
are dependent on the rig being mobilised from its current location,
but drilling is expected to commence shortly after the rig arrives
on site. The drilling and testing programme at Bainet West is
expected to take 15 - 20 days, and the Company will provide a
further update around the time of commencement.
Prospex Non-Executive Chairman, Bill Smith, said, "Bainet West
will be Prospex's third well in less than 24 months. The previous
two, Bainet-1 in Romania and Podere Maiar in Italy, were both
drilled on budget and on schedule and both resulted in commercial
gas discoveries. Thanks to Bainet West having similar seismic
attributes to nearby producing gas fields in and around the
Concession, its excellent definition on 2D seismic, its close
proximity to existing gas infrastructure, and its cost-effective
drilling programme, the new well has a highly attractive
risk/reward profile and therefore represents a compelling
opportunity to build on our successful track record.
"With drilling operations on course to commence at Suceava in
summer 2019, plans being advanced to bring the Selva gas field in
Italy into production in 2020 at a rate up to 150,000 cubic metres
/ day, and ongoing work programmes to de-risk gross prospective
resources of up to 2tcf of gas at our Tesorillo Project in Spain,
high impact activity is underway across our portfolio of European
onshore projects. This is an exciting period in Prospex's
development, and I look forward in providing further updates on our
progress."
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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