Prospex Oil and Gas confirms commencement of drilling, onshore Romania

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to confirm it has been advised by the operator, Raffles Energy S.R.L., that the Bainet-1 well ('Bainet-1' or 'the Well') in the 1,734 sq km Exploration Area of the EIV-1 Suceava Concession (the 'Concession' or 'Suceava'), onshore Romania spudded at approximately 3.30pm on 10 November 2017. Prospex has a 50% interest in Suceava, which is located in a proven hydrocarbon basin in North East Romania.

The Well is targeting the Bainet Prospect, a shallow, 600m biogenic gas target covered by 3D seismic. The Bainet Prospect lies on trend with similar fields producing from good quality Salmatian reservoirs on the Concession as well as with analogue gas fields producing conventional high-calorific value natural gas (over 98% methane content) in the Bilca Gas Production Area of the adjoining EIII-1 Brodina Block. The Bainet Prospect is a well-defined structural closure on seismic, supported by an amplitude variation with offset ('AVO') response similar to nearby fields. It has been assigned internal gross prospective resources of approximately 1.5bcf recoverable.

Drilling and short term testing, which is being undertaken by Weatherford Drilling International, is expected to take 15 days.

Categories: 
Regions: 
Country: