21 Nov 2017 07:00
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
21 November 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')Commencement of drilling, onshore Italy
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, Po Valley Energy ("PVE"), that the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well') on the Podere Gallina Exploration Permit ("Podere Gallina" or the "Permit") in the Po Valley region of Italy spudded at approximately 4.00 a.m. on 21 November 2017. Prospex has a 17% working interest in Podere Gallina, which is located in a proven hydrocarbon province where over 5,000 wells have been drilled historically.
The Podere Maiar well is being drilled into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf between 1960 and 1984. Modelling work highlights the potential to recover undrained gas structurally updip from historic Selva wells. The Well, which is targeting contingent resources of 17 Bcf, will be drilled to a total of 1,350 metres measured depth by PVE, with completion targeted in 20 to 25 days. Well-testing has been planned and, in the case of success, will be undertaken in mid-January 2018. The rig will be released once drilling operations are completed and additional equipment brought in for well-testing.
Prospex non-executive Chairman, Bill Smith, said, "Having farmed-in to the highly prospective Podere Gallina permit less than a month ago, we are delighted that the Podere Maiar well has already spudded. With drilling operations also underway at our 50% owned Bainet-1 well, onshore Romania, Prospex has material interests in two low cost wells currently being drilled in proven hydrocarbon regions and close to existing infrastructure and markets. We are delivering on our strategy to expose our shareholders to value trigger events, and I look forward to providing further updates on our progress in the coming weeks."
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For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson | Prospex Oil and Gas Plc | Tel: +44 (0) 20 3766 0325 |
Rory MurphyRitchie BalmerJack Botros
| Strand Hanson Limited
| Tel: +44 (0) 20 7409 3494 |
Jon Belliss | Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Duncan Vasey | Peterhouse Corporate Finance
| Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar Charlotte Page
| St Brides Partners Ltd
| Tel: +44 (0) 20 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.