Press

Prospex Oil and Gas Plc: 2017 Annual Results


Highlights:

  • Acquired material interests in three projects with over 2Tcf of gas resources in line with strategy to build a leading oil and gas investment company focused on high impact European opportunities with short timelines to production:
    • 50% economic interest in the Exploration Area of the EIV-1 Suceava Concession, which is located in a producing hydrocarbon basin in North East Romania.
    • 17% working interest in the Podere Gallina Exploration Permit in the Po Valley region of Italy, a proven play in a prolific hydrocarbon region – up to 40.6 Bcf of gross unrisked prospective gas resources
    • Acquisition of up to a 49.9% interest in the Tesorillo Project in southern Spain, which contains a known gas discovery with potentially up to 2Tcf of gross unrisked Prospective Resources
  • Participated in the drilling of three wells, two of which resulted in commercial gas discoveries with near term production:
    • Bainet-1 well in Romania encountered 9m of reservoir with 8m of net gas pay and flowed natural gas at ~33,000 cubic standard metres/day in testing (“scm/day”) – production due to commence in Q3 2018 subject to final permitting consent
    • Podere Maiar-1d in Italy successfully tested two gas bearing reservoirs at the shut-in Selva gas-field achieving flow rates well in excess of the pre-test target of 100,000 scm/day – Production concession application submitted with first phase production target of 150,000 scm/day- due to come on stream within the next 18 months
  • Strong cash position of £0.85m at year end – £3.1m raised during the period and £1.2m post period end
    • Focus on keeping corporate overheads low ensures as much of the Company's funds as possible are invested in core projects and project evaluation
  • Evaluating additional late stage European onshore investment opportunities that meet management's investment criteria

Edward Dawson, Managing Director of Prospex, said, “In the space of twelve months Prospex has been transformed into a multi-project oil and gas investment company with a long pipeline of gas discoveries and prospects that potentially hold in excess of 2 Tcf of gas.  Thanks to drilling success in both Romania and Italy in Q4 2017, the year ahead should see Prospex transformed once again, this time into a revenue generative multi-project oil and gas investment company, once the Bainet gas discovery in Romania has been brought online in the coming months.  With production in Italy expected within 18 months and a technical programme underway in Spain to de-risk a potentially huge gas discovery, 2018 should not be short of high impact news flow, as we focus on generating significant value for shareholders.”



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