Prospex Oil and Gas PLC Commencement of Flow-Testing of Podere Maiar well (6772B)
January 12 2018 - 1:00AM
UK Regulatory
TIDMPXOG
RNS Number : 6772B
Prospex Oil and Gas PLC
12 January 2018
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
12 January 2018
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Commencement of Flow-Testing 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 the operator Po
Valley Energy Limited ('PVE') that isochronal flow testing
operations on a rig-less basis have commenced at the Podere
Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the
Well'), onshore Italy. The operator anticipates the flow test
results will be available within the next seven days, at which
point Prospex will provide a further update to the market.
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, a proven hydrocarbon province where over
5,000 wells have been drilled historically. Podere Maiar was
drilled in Q4 2017 into the Selva Gas-Field (previously operated by
ENI), which historically produced 83Bcf of gas between 1960 and
1984. As announced on 20 December 2017, two gas-bearing reservoirs,
C1 and C2, were encountered by the Well in the Medium-Upper
Pliocene sands of the Porto Garibaldi Fm. Log analysis, including
data from pressure testing, indicates a total gross pay of 62m and
a net pay of 41m.
Prospex Non-Executive Chairman, Bill Smith, said, "The
commencement of flow testing at the Podere Maiar gas discovery in
Italy kicks off what promises to be a highly active period for
Prospex across our portfolio of interests in four European onshore
projects. In addition to the test results expected in Italy later
this month, the Bainet gas discovery in Romania is due to come
online in Q2 2018, closely followed by first gas sales. Meanwhile,
a work programme is planned to further delineate and de-risk the
830 billion cubic feet (Best Estimate) gross unrisked Prospective
Resources at the Tesorillo Project in southern Spain. Elsewhere, we
continue to evaluate additional projects with a view to building a
pipeline of late stage development opportunities so that our
shareholders are continually exposed to near term value trigger
events, such as drilling and first production."
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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