Prospex Oil and Gas PLC – Interim Results

Prospex Oil and Gas PLC – Interim Results

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce its Interim Results for the six months ended 30 June 2018.

HIGHLIGHTS

  • Rapid progress being made across three key investment assets in line with strategy to build a leading oil and gas investment company focused on high impact European opportunities with short timelines to production:
  • Set to commence imminent production at Bainet-1 well in Romania – to be achieved within just over a year of initial project acquisition and 10 months of drilling the exploration well
    Follows successful completion of development permitting and installation of a flowline to achieve access to existing Bilca production facility
  • Podere Maiar-1d well in Italy a significant gas discovery
    Peak flow rates of 148,136 scm/day (5.2mmscf/d) and 129,658 scm/day (4.6 mmscf/d) achieved respectively from two gas-bearing reservoirs
    o Production concession applications submitted and targeted to commence in Q1/Q2 2020
  • Defined work programmes to de-risk up to 830 billion cubic feet of gas (Best Estimate) of gross unrisked Prospective Resources with upside in excess of 2 Tcf resources at the Tesorillo Project in Spain
    Multistrand work programme underway
    Garnered strong local and regional support through community engagement programmes

Edward Dawson, Managing Director of Prospex, said, “Prospex has built a highly strategic portfolio based on its investment criteria of acquiring undervalued, late stage projects in proven European hydrocarbon jurisdictions that can be rapidly advanced into low cost production thanks to the availability of historic data and established infrastructure.  Through this development approach we are now on the verge of commencing commercial production in Romania.  We look forward to delivering on this significant milestone alongside a number of other key developments in the coming months, as we focus on generating significant value for shareholders.”

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