Prospex Oil and Gas PLC Commencement of drilling, onshore Romania (2533W)

TIDMPXOG

RNS Number : 2533W

Prospex Oil and Gas PLC

13 November 2017

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

13 November 2017

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

Confirmation of Commencement of drilling, onshore Romania

Further to the Company's announcement of 31 October 2017, Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to confirm it has been advised by the operator, Raffles Energy S.R.L., that the Bainet-1 well ('Bainet-1' or 'the Well') in the 1,734 sq km Exploration Area of the EIV-1 Suceava Concession (the 'Concession' or 'Suceava'), onshore Romania spudded at approximately 3.30pm on 10 November 2017. Prospex has a 50% interest in Suceava, which is located in a proven hydrocarbon basin in North East Romania.

The Well is targeting the Bainet Prospect, a shallow, 600m biogenic gas target covered by 3D seismic. The Bainet Prospect lies on trend with similar fields producing from good quality Salmatian reservoirs on the Concession as well as with analogue gas fields producing conventional high-calorific value natural gas (over 98% methane content) in the Bilca Gas Production Area of the adjoining EIII-1 Brodina Block. The Bainet Prospect is a well-defined structural closure on seismic, supported by an amplitude variation with offset ('AVO') response similar to nearby fields. It has been assigned internal gross prospective resources of approximately 1.5bcf recoverable.

Drilling and short term testing, which is being undertaken by Weatherford Drilling International, is expected to take 15 days.

A selection of photographs from this the well site of rig preparation can be found on the Company's website: http://www.prospexoilandgas.com/home/#gallery.

Prospex non-executive Chairman, Bill Smith, said, "The commencement of drilling operations at the Bainet Prospect kicks off what promises to be an exciting period for Prospex, which will see us participate in the drilling of two wells in the next few weeks. In addition to Suceava, we have a 17% interest in the Podere Maiar-1d appraisal well in the Podere Gallina Exploration Permit in the Po Valley region of Italy, which is also due to be drilled shortly targeting contingent resources (2C) of 17 Bcf. I look forward to providing further updates on our progress as we look to deliver value for Prospex shareholders in the near term."

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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

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November 13, 2017 02:00 ET (07:00 GMT)