SP Held Back21 Sep 2018 09:49
After this below news on 17.09.2018 which seemed excellent news, dont understand why the SP is held so low?
Prospex Oil and Gas said natural gas had started being produced commercially from the Bainet field joint venture in Romania.
Experimental production commenced at an initial rate of around 0.7m stand cubic feet per day.
Produced gas was being sold to the local market at current prices of around €6 per million cubic feet.
'The commencement of first gas production in Romania is a milestone event, which transforms Prospex into a revenue generative investment company,' chairman Bill Smith said.
'With multiple similar prospects already identified on the licence, each of which can be explored and developed at relatively low cost, Suceava represents an excellent, low-risk opportunity to scale up our revenues.'
'Prospex first announced the acquisition of a 50% interest in Suceava in August 2017 and in the intervening period not only has the joint venture made a commercial gas discovery but we have completed planning, permitting and development work and now brought the Bainet well into production.'