Onshore Romania Well Update

RNS Number : 6303R

Prospex Oil and Gas PLC

25 September 2017

 

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

25 September 2017

Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Onshore Romania Well Update

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to provide an update on its investment in the Exploration Area of the EIV-1 Suceava Concession (the 'Concession' or 'Suceava'), which is located in a proven hydrocarbon basin in North East Romania.  Prospex has a 50% interest in Suceava.

Prospex has been informed by the operator, Raffles Energy S.R.L. that well site preparations for the Bainet-1 well are near completion. The contracted rig, the Weatherford 865 is presently drilling operations in the neighbouring block to the west. Once these operations are complete the rig will move and commence operations at Bainet-1. It is anticipated that the rig could be onsite in a couple of weeks, but exact timings are dependent on the rig being released from its current operations. The Company does not intend to provide a further update on the Bainet-1 well until drilling is imminent or underway.

A selection of photographs detailing progress at the site of the Bainet-1 well are available to view on the Company's website: http://www.prospexoilandgas.com/gallery.html

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

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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]
Lucy Williams Charles Goodfellow Eran Zucker	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 management acquires 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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