Prospex Oil And Gas Share Discussion Threads

[fission453] 27/11/2017 08:12

NUFF SAID!

[babbler] 27/11/2017 08:10

0.9 paid??

[jamdan1] 27/11/2017 08:03

It's in auction!

[davidpines] 27/11/2017 08:02

Not 1 trade showing ......nuff said

[bobby1904] 27/11/2017 08:01

guys if u like PXOG then get into UOG whilst u can - major new deal with Tullow Oil announced this morning....

[jamdan1] 27/11/2017 07:57

People are getting confused with cubic feet and cubic meters. It's quite a good find of nearly 200 boepd!

[nicosevos] 27/11/2017 07:50

400-600bepd through an 8mm choke....Nice!!!

[newvest1] 27/11/2017 07:47

Small find indeed proof of concept box ticked and Italy next....

[davidpines] 27/11/2017 07:43

So small is the find that the mms haven't even marked it up now that tells you something demand is not there.

[soulsauce] 27/11/2017 07:38

Yes but a find all the same.

[2prsimo] 27/11/2017 07:34

Looks to be a very small gas find

[jamdan1] 27/11/2017 07:33

Very quiet considering the excellent news!

[someuwin] 27/11/2017 07:10

27 November 2017

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

27 November 2017

Prospex Oil and Gas Plc ('Prospex' or the 'Company')

Commercial Gas Discovery, onshore Romania

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by the operator, Raffles Energy S.R.L. ('Raffles'), that a new gas discovery has been made at the Bainet-1 well ('Bainet-1' or 'the Well') in the Exploration Area of the EIV-1 Suceava Concession (the 'Concession' or 'Suceava Exploration'), onshore Romania. Prospex wholly-owned subsidiary PXOG Massey Limited has a 50% non-operated interest in Suceava Exploration, which is located in a proven hydrocarbon basin in North East Romania.

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 elsewhere in the Concession, as well as in analogue fields in the Bilca Gas Production Area of the adjoining EIII-1 Brodina Block. The two intervals tested by Bainet -1 within the main gas pay zone were perforated at a measured depth of 513.3 to 514.8m and 516.3 to 517.3m.During the final 11-hour test, natural gas containing over 99% methane flowed at a rate of approximately 33,000 cubic metres/day through a 8mm choke.

Bainet-1, which has been completed as a producer, has been put in conservation for a short period until it is connected to the Raffles operated Bilca gas processing plant via a 1,500 metres flowline tie back to the existing production infrastructure. Subject to the receipt of relevant permits and approvals, it is expected that experimental production from the Bainet gas discovery will commence in Q2 2018.

Prospex non-executive Chairman, Bill Smith, said, "To have made a commercial gas discovery with just the second well in which we have participated is, in our view, testament to the quality of the technical work we carry out when evaluating potential projects and also our focus on minimising risk wherever possible. This sees us focus on proven onshore European plays such as Suceava which are close to markets and have excellent access to infrastructure. As well as generating the Company's first production and revenues in the near term, the Bainet gas discovery will provide an excellent platform from which to evaluate the multiple conventional shallow gas prospects and leads that have been identified across the Concession.

"Bainet -1 is just one of two wells in which we are currently participating in. We also have a 17% interest in the Podere Maiar-1d appraisal well in the Podere Gallina Exploration Permit in the Po Valley region of Italy, where ongoing drilling operations are targeting contingent resources (2C) of 17 Bcf. With first production in Romania and drilling results in Italy expected in the near term, we are delivering on our objective to expose our shareholders to value trigger events and I look forward to providing further updates in due course."

Raffles Chief Executive Officer, Dr Doru Morariu, said: "We are delighted to report that a new gas commercial discovery has been made in the Exploration Area of the EIV-1 Suceava Concession. This reconfirms the hydrocarbon potential of the Suceava licence as a proven conventional shallow gas play. The Bainet gas discovery provides an excellent, additional near-term production opportunity for Raffles' growing asset base. Over the coming years, Raffles plans to continue the exploration activities in the Suceava Concession with a petroleum operations programme focussed on the evaluation of a portfolio of shallow gas prospects and the selection of the most prospective candidates for further exploration drilling. A comprehensive work programme and detailed budget for the next 3-year period (2018 to 2020) was developed in conjunction with the expert advice of the National Agency for Mineral Resources ("NAMR") and is already submitted for NAMR approval."

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.

[jamdan1] 24/11/2017 10:32

Looking good

[vauch] 23/11/2017 16:33

Shame this was not in the summer

[ccr1958] 23/11/2017 16:25

Gap filling :))))

[jamdan1] 23/11/2017 16:20

What the!!!

[ccr1958] 23/11/2017 16:18

another duster ?

[ccr1958] 23/11/2017 15:40

It`s turned alright down 4% this placing was a curse on the SP, millions still being offloaded in the middle of two drills ,Go figure !!!

[comedy] 23/11/2017 11:01

its turned!!!! couldnt buy without premiums!!!!!

[nick rubens] 23/11/2017 10:28

A decent gas find will change all this wibble wobble. Should here from one of these drills soon.

[ccr1958] 23/11/2017 10:25

Yes low finishes but 2 things come to mind a `Flipper ` and maybe being walked down to fill an order ...just a thought or 2 !

[crystalball] 22/11/2017 16:37

With the share price finishing on its lows the last few days it’s not looking good.very bearish.BUT AIM has its own rules, so let’s just hope things turn around SOON.
I am loaded up and down a few percent.GLA

[ccr1958] 22/11/2017 15:28

MMS having a right old game ,buys as sells and the other way round !