Re Sp29 Jan 2018 15:08
Check most recent RNS ...news anytime soon imho ...here is a portion of last RNS ......Based on the strong flow rates, which significantly exceed pre-test expectations of 100,000 scm/day, 99.1% methane gas content recorded at both levels, and the Well's close proximity (600metres) to the Italian national grid pipeline connection, PVE has declared Podere Maiar a commercial discovery. PVE will now prepare and submit a production concession application to the Italian Ministry in H1 2018. The Ministry has been formally informed of the discovery and officials were in attendance during the successful test.
In tandem with this, analysis of the log and well test results will commence to generate revised contingent resource and reserve estimates, which is targeted for completion in Q2 2018. This work will include reservoir engineering to optimise production from the two gas levels over the field life.
Crucially, further upside exists as in addition to the Selva field, Podere Gallina holds several other targets, including the much larger East Selva prospect. The remaining interests in Podere Gallina are held by PVE (63% - operator) and United Oil & Gas Plc (20%).
Prospex Non-Executive Chairman, Bill Smith, said, "We ended 2017 with a commercial gas discovery in Romania and thanks to these significantly stronger than expected flow test results we have started 2018 with a commercial gas discovery in Italy. The strong momentum behind Prospex is set to be maintained in the months ahead: at Selva we look forward to reporting revised contingent resource and reserves estimates as well as updates on the production permitting process; in Romania, production and first gas sales at the Bainet gas discovery are expected to commence in Q2 2018; while in Spain work is planned later this year to delineate a gas discovery, which has been independently assigned unrisked prospective resources of 830 Bcf (Best Estimate) with upside in excess of 2 Tcf. The year ahead will not be short of high impact newsflow, as we focus on exposing our shareholders to near term value trigger events, such as drilling and first production