Prospex Oil and Gas PLC Update on Onshore Poland Well (8106T)
January 10 2017 - 7:15AM
UK Regulatory
TIDMPXOG
RNS Number : 8106T
Prospex Oil and Gas PLC
10 January 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
10 January 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Update on Onshore Poland Well
Prospex Oil and Gas Plc, the AIM quoted investment company,
announces an update on its investment in the Kolo Licence ('Kolo'
or the 'Licence'), onshore Poland. Drilling operations at the
Boleslaw-1 well ('Boleslaw-1' or 'the Well') on the Licence have
been completed. The Well spudded on 10 December 2016 and reached a
total depth ('TD') of 1550 metres on 10th January 2017. In line
with the pre-drill geological model a Campanian shallower siliceous
rich interval, between 980 metres and 1026m of depth below ground
level, and a Santonian sandstone zone, between 1333m and 1375m of
depth below ground level, were penetrated however no recoverable
hydrocarbons were indicated on the mud logs. As a result, the
operator has advised the Company that the Well is to be plugged and
abandoned. Operations will continue for some days, including
wireline logging and subsequent petrophysical analysis.
The Company and its partners in Kolo will conduct a detailed
post-drill technical review of all relevant well and seismic data
to determine the way forward with this large exploration licence,
which covers an area of 1,150 sq km in the productive Polish
Central Basin. The Kolo block has additional prospectivity
independent of the Boleslaw gas prospect, including an oil target
that has been identified based on the re-interpretation of seismic
data using sequence stratigraphy techniques. The oil target is a
turbidite system fan, typical of a possible low-stand systems
tract.
Kolo is 100% owned by Strzelecki Energia Sp z.o.o
('Strzelecki'), a wholly owned subsidiary of Hutton Poland Limited
('Hutton') in which Prospex holds a 49% interest, alongside Hutton
Energy (30.6%) and Grand Gulf Energy Limited (20.4%).
Prospex non-executive Chairman, Bill Smith, said "While the
outcome is disappointing, Boleslaw was drilled safely, on schedule,
and on budget. We believe this is testament to the performance of
the engineering crew on the ground as well as the quality of the
pre-drill technical work undertaken by the partners. Boleslaw was
the first well to be drilled on this large licence, which is
located in a working hydrocarbon system. Further technical work
will now be conducted to generate an updated geological and
hydrocarbon system model, as the partners plan the next steps for
the Licence. This work will incorporate all the data and geological
samples recovered from the Well.
"Prospex is an investment company run by a management team with
a proven track record of generating value in the resources sector.
It has always been our intention to build a portfolio of projects
in Europe that match our investment criteria, specifically those
which would benefit from our team's proven expertise in re-working
existing data to identify and map new prospects; have the potential
to hold multiple targets that can be drilled within short timelines
and at low cost; and, in our view, are undervalued on a risk /
reward basis. With this in mind, we are actively evaluating a
number of additional projects and I look forward to providing
further updates on our progress."
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 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
Grace-Anne Marius
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 is looking to repeat the success it has had in the past
by acquiring 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
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