Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPXOG.L Regulatory News (PXOG)

  • There is currently no data for PXOG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Commencement of Flow-Testing of Podere Maiar well

12 Jan 2018 07:00

RNS Number : 6772B
Prospex Oil and Gas PLC
12 January 2018
 

Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas

12 January 2018

Prospex Oil and Gas Plc ('Prospex' or the 'Company')Commencement of Flow-Testing of Podere Maiar-1 well, onshore Italy

 

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by the operator Po Valley Energy Limited ('PVE') that isochronal flow testing operations on a rig-less basis have commenced at the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well'), onshore Italy. The operator anticipates the flow test results will be available within the next seven days, at which point Prospex will provide a further update to the market.

 

Prospex holds a 17% interest in the Well (PVE 63% Operator; United Oil & Gas Plc 20%), which is located on the Podere Gallina Exploration Permit ('Podere Gallina' or the 'Permit') in the Po Valley region, a proven hydrocarbon province where over 5,000 wells have been drilled historically. Podere Maiar was drilled in Q4 2017 into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf of gas between 1960 and 1984. As announced on 20 December 2017, two gas-bearing reservoirs, C1 and C2, were encountered by the Well in the Medium-Upper Pliocene sands of the Porto Garibaldi Fm. Log analysis, including data from pressure testing, indicates a total gross pay of 62m and a net pay of 41m.

 

Prospex Non-Executive Chairman, Bill Smith, said, "The commencement of flow testing at the Podere Maiar gas discovery in Italy kicks off what promises to be a highly active period for Prospex across our portfolio of interests in four European onshore projects. In addition to the test results expected in Italy later this month, the Bainet gas discovery in Romania is due to come online in Q2 2018, closely followed by first gas sales. Meanwhile, a work programme is planned to further delineate and de-risk the 830 billion cubic feet (Best Estimate) gross unrisked Prospective Resources at the Tesorillo Project in southern Spain. Elsewhere, we continue to evaluate additional projects with a view to building a pipeline of late stage development opportunities so that our shareholders are continually exposed to near term value trigger events, such as drilling and first production."

Carlos Venturini, Fellow of the Geological Society of London, Exploration Manager has reviewed and approved the technical information contained within this press release in his capacity as a qualified person, as required under the AIM Rules.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

* * ENDS * *

 

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.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLGGURPGUPRPUG
Date   Source Headline
27th Mar 20129:32 amRNSSchedule 1 update - Premier Management Holdings
15th Mar 20122:40 pmRNSReplacement:Proposed Acquisition & Notice of GM
13th Mar 20122:48 pmRNSProposed Acquisition & Notice of General Meeting
13th Mar 20122:34 pmRNSSch 1 - Premier Management Holdings Plc
14th Feb 20127:00 amRNSUpdate Re. Suspension and Acquisition
16th Nov 20117:30 amRNSSuspension - Premier Mgmt Hldgs Plc
16th Nov 20117:00 amRNSSuspension & Update Re Acquisition
26th Oct 201112:04 pmRNSHolding(s) in Company
26th Oct 201112:02 pmRNSHolding(s) in Company
20th Oct 20117:00 amRNSHalf Yearly Report
30th Sep 20117:00 amRNSTotal Voting Rights
19th Sep 20115:13 pmRNSAdditional Listing
13th Sep 20114:32 pmRNSHolding(s) in Company
4th Aug 201110:26 amRNSChange of Adviser
29th Jul 201110:19 amRNSResult of AGM
30th Jun 201110:13 amRNSTotal Voting Rights
28th Jun 201110:42 amRNSFinal Results
24th Jun 20119:41 amRNSHolding(s) in Company
31st May 20111:38 pmRNSTotal Voting Rights
25th May 20113:09 pmRNSIssue of Equity
11th May 20113:54 pmRNSAdditional Listing
31st Mar 20111:53 pmRNSTotal Voting Rights
21st Mar 20117:00 amRNSIssue of Equity
22nd Feb 20112:30 pmRNSAppointment of Broker
15th Nov 20105:33 pmRNSPDMR Shareholding
12th Nov 20103:02 pmRNSResult of GM & Board Changes
1st Nov 20104:12 pmRNSHolding(s) in Company
27th Oct 20107:00 amRNSOption to acquire Central Asia Resources
27th Oct 20107:00 amRNSOption to acquire Central Asia Resources
30th Jul 201012:41 pmRNSResult of AGM
6th Jul 20103:38 pmRNSPreliminary Results
9th Mar 201011:22 amRNSCancellation of Option Agreement
6th Jan 201012:42 pmRNSOption Agreement
31st Dec 20099:44 amRNSOption Agreement
26th Oct 200910:21 amRNSInterim Results
30th Sep 20098:42 amRNSOption Agreement
23rd Jul 200912:11 pmRNSOption Agreement
8th Jul 20099:57 amRNSPreliminary Results
30th Jun 20092:30 pmRNSOption Agreement
27th Oct 20087:00 amRNSInterim Results
29th Jul 20087:00 amRNSFinal Results
14th Feb 20083:18 pmRNSHolding(s) in Company
4th Feb 200811:17 amRNSIssue of Equity
8th Jan 200811:41 amRNSHolding(s) in Company
27th Dec 200711:30 amRNSTotal Voting Rights
20th Dec 200711:40 amRNSIssue of Equity
30th Oct 20077:00 amRNSInterim Results
23rd Aug 20074:06 pmRNSAIM Notice (26)
1st Aug 20073:43 pmRNSDirector/PDMR Shareholding
31st Jul 20077:00 amRNSTotal Voting Rights

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.