Drilling Update, onshore Italy

RNS Number : 9194X

Prospex Oil and Gas PLC

30 November 2017

 

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

30 November 2017

Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Drilling Update, onshore Italy

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce it has been updated by the operator, Po Valley Energy ("PVE"), on the progress of 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.  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.

PVE has confirmed that it has successfully completed first casing run in hole and cementing of Podere Maiar-1 and drilling is ahead from 500m to target depth of 1,300m. PVE believes target depth is expected to be reached in approximately 6-8 days.

Podere Maiar-1 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 contingent resources of 17 Bcf of undrained gas structurally updip from historic Selva wells. 

Prospex non-executive Chairman, Bill Smith, said, "We are encouraged by the good progress being made on the Podere Gallina Exploration Permit in Italy and I look forward to providing further updates from the well site in the coming weeks."

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For further information visit www.prospexoilandgas.com or contact the following:

Edward Dawson	Prospex Oil and Gas Plc	Tel: [phone]
Rory Murphy Ritchie Balmer Jack Botros	Strand Hanson Limited	Tel: [phone]
Jon Belliss	Beaufort Securities Limited	Tel: [phone]
Duncan Vasey	Peterhouse Corporate Finance	Tel: [phone]
Frank Buhagiar Charlotte Page	St Brides Partners Ltd	Tel: [phone]

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. 

 

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