Prospex Oil and Gas PLC Drilling Update, onshore Italy (9194X)
November 30 2017 - 1:01AM
UK Regulatory
TIDMPXOG
RNS Number : 9194X
Prospex Oil and Gas PLC
30 November 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
30 November 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Drilling Update, onshore Italy
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to announce it has been updated by the operator, Po Valley
Energy ("PVE"), on the progress of the Podere Maiar-1d
appraisal/redevelopment well ('Podere Maiar' or 'the Well') on the
Podere Gallina Exploration Permit ("Podere Gallina" or the
"Permit") in the Po Valley region of Italy. Prospex has a 17%
working interest in Podere Gallina, which is located in a proven
hydrocarbon province where over 5,000 wells have been drilled
historically.
PVE has confirmed that it has successfully completed first
casing run in hole and cementing of Podere Maiar-1 and drilling is
ahead from 500m to target depth of 1,300m. PVE believes target
depth is expected to be reached in approximately 6-8 days.
Podere Maiar-1 is being drilled into the Selva Gas-Field
(previously operated by ENI), which historically produced 83Bcf
between 1960 and 1984. Modelling work highlights the potential to
recover contingent resources of 17 Bcf of undrained gas
structurally updip from historic Selva wells.
Prospex non-executive Chairman, Bill Smith, said, "We are
encouraged by the good progress being made on the Podere Gallina
Exploration Permit in Italy and I look forward to providing further
updates from the well site in the coming weeks."
* * 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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