Press

Prospex Oil and Gas Plc - 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."

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. 


Visit source site

prospexoilandgas.com/home/#news

Prosper Oil and GasDrillingonshoreItalyAIMPo Valley Energy

More items from oilvoice


Merger in Energy Efficiency Sector Creates Strategic Opportunities

With the rising cost of energy and greater interest in reducing CO2 emissions, retrofitting existing equipment has gained momentum, and an impending merger can provide a more comprehensive approach. A number of companies have arisen to service the market, including Smartcool Systems Inc. (S ...

OilVoice Press - OilVoice


Posted 35 minutes agoOpinion > mergerStreetwise ReportsEnergy +1

ENGIE to Continue Expanding Decentralised Energy Offering Following Year of Successes

ENGIE to champion decentralised energy at upcoming Africa Energy Forum    Mauritius, 19 June 2018 – Global utility ENGIE is confirming its focus on off-grid energy provision in Africa, with plans to continue expanding their solar home system (SHS) and mini-grid activities. ENGIE is launchin ...

OilVoice Press - OilVoice


Posted 6 hours agoPress > ENGIEEnergyAfrica Energy Forum +1

FACTBOX: Venezuela's Near Collapse Takes Toll On Oil Industry

Venezuela's near economic collapse has taken a toll on the country's oil production, causing shifts in oil flows as buyers look to secure alternative supplies. As workers have fled the country, state-owned oil company PDVSA has had a difficult time maintaining crude output, let alone boosting prod ...

OilVoice Press - OilVoice


Posted 6 hours agoOpinion > S&P Global PlattsVenezeulaOil +5

Bass Oil: Onshore Indonesian Oil Operations Update – May 2018

Highlights New multi-year high monthly average oil price of US$70.51 realised from sales from theCompany's 100%-owned Tangai-Sukananti oil field in onshore Sumatra, Indonesia 9% higher total May production of 18,500 barrels of oil (JV share) or 10,175 barrels (net to Bass) May oil sa ...

OilVoice Press - OilVoice


Posted 6 hours agoPress > Bass OilonshoreIndonesia +4

Adoption of Autonomous Vehicles Could Increase U.S. Transportation Energy Consumption

Source: U.S. Energy Information Administration, Annual Energy Outlook 2018 Autonomous Vehicles: Uncertainties and Energy Implications Autonomous vehicles are one of the main sources of uncertainty in the future of U.S. transportation energy consumption, as autonomous vehicle technology has ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesUSEIA +3
All posts from oilvoice