new to PXOG?15 Apr 2018 19:15
so your new to PXOG and wondering what news is up and coming?
PXOG currently have 3 projects ongoing (forgetting about poland for the time being) click on 'investments' from the below link and it will give a summary of each project.
http://www.prospexoilandgas.com/home/
currently have a 50% interest in the Romania project and after recent successful well drilling and successful flow testing achieving 33'000 cmd. the plan was to have this piped into nearby gas pipeline in Q2 2018. (which were currently in)
according to recent interview with Ed Dawson (interview on **********.co.uk) he states he sees no reason for this not going into production in H1 2018 with continued updates from the operator.
...so thats news piece 1 that were waiting on!!!
PXOG also has a 17% interest in their italy asset in Po Valley, after recent drilling and flow testing the flow rates exceed expectations and i quote "significantly stronger than expected flow test results" . well had 2 pay zones; C1 and C2, combined producing around 280'000 cmd (9.8mmscf/d).
currently operator PVE are going through the process in converting part of their license to a production area. from the vox markets interview Ed Dawson mentions
Ed mentions that when the italy assest well goes into production then it could bring in revenue of 2-3M euros annually. when you consider the current MCAP of PXOG is �5.5M it shows the the potential to re-rate substantially when the well goes into production. Then you have the other area to the east of the license which could be even larger (but needs drilled and poven up)expecting a 'TCM' next week. possible news to come regarding when PVE have the production license.
.... so thats news 2... first the production license then after piping into pipeline then more news to follow in coming weeks for this when well is producing gas and revenue.
next project is their spannish project which they have the right to 49.9% interest in it which will be bought in 3 stages, already carried out the 1st stage which gives PXOG a 2.5% interest. stage 2 will take it up to 15% then final stage to 49.9%.
still a bit of work to be carried out on the asset before drilling commences. a 'MT' survey will need to be carried out along with an environmental impact assessment prior drilling. (PXOG taking up their extra 12.5% interest before this commences.)
Ed mentions that there has been meetings with government officials and the ministry of energy and they have gave full support for the project. next week will be meeting with local councillors and with all the support backing the project it will get moved along quickly which is good news for PXOG. so there could be an update regarding the process with this asset.
and did i mention it could be a monster... up to a 2tcf resource!!!
so over coming weeks theres production licenses news, gas production news, updates on spain and possibly updates on italy if they want to drill