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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prospex Oil And Gas Plc | LSE:PXOG | London | Ordinary Share | GB00BMFZVZ53 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.525 | 1.30 | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPXOG
RNS Number : 7618Q
Prospex Oil and Gas PLC
02 December 2016
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
2 December 2016
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Drilling Plan Approved for Onshore Poland Well
Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to provide an update on its investment in the Kolo Licence ('Kolo' or the 'Licence'), onshore Poland. The well drilling plan ('Plan Ruchu') has been approved by the Polish Mining Authority to drill the Boleslaw-1 well ('Boleslaw-1' or 'the Well') in the 1,150 sq km Licence. The approval of the plan represents the final regulatory milestone ahead of drilling Boleslaw-1, which is targeting gas in an active petroleum system. With well pad construction currently underway and on schedule, Boleslaw-1 remains on track to be drilled in December 2016.
The Well will be targeting Boleslaw, a drill ready gas prospect with two mapped reservoirs that was assigned by AGR TRACS in an independent Competent Persons' Report ('CPR') a gross best estimate of 87 bscf and a risked current valuation (net to Prospex) ranging from US$7.1m to US$12.2m (GBP5.6m and GBP9.7m based on GBP/$ rate of 1.26 as at 01 December 2016). See announcement of 26 May 2016 for further details. In the CPR, AGR modelled production scenarios at 3,333-6,666 boe per day from a single well and assigned a Net Present Value ('NPV') range of between US$44m and US$95m (net to Prospex) (GBP35m and GBP75m based on GBP/$ rate of 1.26 as at 01 December 2016). 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.
Prospex non-executive Chairman, Bill Smith, said "With all regulatory boxes now ticked and preparatory work on the ground well advanced, the 87bscf gas well at Boleslaw remains on course to be drilled later this month. While there can be no guarantee of success, thanks to being assigned an NPV range of between GBP35m and GBP75m (net to Prospex) by our competent person AGR in May 2016, we nevertheless rate this well a low risk company maker. Our objective is to build a portfolio of potential company-makers. With this in mind we are currently evaluating other undervalued projects in Europe that would benefit from our team's proven expertise in re-working existing data to identify and map new prospects, which can then be drilled within short timelines and at low cost. I look forward to providing further updates on our progress."
* * ENDS * *
For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 203 Plc 586 1009 Katy Mitchell WH Ireland Limited Tel: 0113 394 Nick Prowting WH Ireland Limited 6600 Jay Ashfield WH Ireland Limited Tel: +44 (0) 207 220 1658 Jon Belliss Beaufort Securities Tel: +44 (0) 207 Limited 382 8300 Lucy Williams Peterhouse Corporate Tel: +44 (0) 207 Charles Goodfellow Finance 469 0932 Eran Zucker Peterhouse Corporate Finance Peterhouse Corporate Finance Charlotte Heap St Brides Partners Tel: +44 (0) 20 Frank Buhagiar Ltd 7236 1177 St Brides Partners Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 02, 2016 02:01 ET (07:01 GMT)
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