Prospex Oil and Gas PLC Positive log results at Podere Maiar-1 well, Italy (4918Y)
December 06 2017 - 2:00AM
UK Regulatory
TIDMPXOG
RNS Number : 4918Y
Prospex Oil and Gas PLC
06 December 2017
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
6 December 2017
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Positive log results at Podere Maiar-1 well, onshore Italy
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to announce it has been advised by the operator, Po Valley
Energy ("PVE"), that positive log results indicate the presence of
a gas bearing reservoir at 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. This follows the
successful drilling of the Well in the Selva Gas Field to a
measured depth of 1,330 metres, ahead of schedule and on
budget.
Downhole log results received from Schlumberger confirm a gross
gas pay of 53m. The top of the reservoir was encountered at 1,245m
TVD (1,223m TVDSS) some 12m above the level of previous production
wells, including the nearby Selva 6 well. The two main sand levels
show high resistivity on the logs, indicating the presence of gas.
PVE and the joint venture partners, including Prospex, have agreed
to proceed to case, perforate and complete Podere Maiar. In
addition, downhole production equipment will be installed. Well
completion is targeted to be finished mid-December with flow
testing on a rig-less basis planned for early January.
Prospex has a 17% working interest in Podere Maiar, which is
located in a proven hydrocarbon province where over 5,000 wells
have been drilled historically. Podere Maiar-1 was drilled into the
Selva Gas-Field (previously operated by ENI), which historically
produced 83Bcf between 1960 and 1984.
Prospex non-executive Chairman, Bill Smith, said, "The log
results for the Podere Maiar are highly encouraging. With
completion of the Well and the commencement of flow testing
operations due to take place shortly, I look forward to providing
further updates from the Podere Gallina Exploration Permit in the
next few weeks, as we look to build on our recent drilling success
at the Bainet-1 gas discovery in Romania."
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 Tel: +44 (0) 20
Plc 3766 0325
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20
Ritchie Balmer 7409 3494
Jack Botros
Jon Belliss Beaufort Securities Tel: +44 (0) 20
Limited 7382 8300
Duncan Vasey Peterhouse Corporate Tel: +44 (0) 20
Finance 7469 0932
Frank Buhagiar St Brides Partners Tel: +44 (0) 20
Charlotte Page Ltd 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
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