Business
2019 Final Results
2019 Final Results.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 6848N\n Prospex Oil and Gas PLC\n 22 May 2020\n \n \n \n \n Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n \n \n \n \n \n Prospex Oil and Gas Plc ('Prospex' or the 'Company')\n \n \n \n 2019 Final Results\n \n \n \n \n \n Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce its audited annual results for the year ended 31 December 2019. \n \n \n \n \n \n Advancing a portfolio of late stage, onshore European gas projects focused on the foredeep play \n \n \n \n \n \n Portfolio Overview\n \n \n · \n \n Podere Gallina Exploration Permit, onshore Italy - first production at Selva gas field ('Selva') at an initial rate of up to 150,000 scm/day expected early 2021 \n \n \n \n o \n Preliminary award of production concession from the Italian Government in January 2019\n \n \n o \n Post period end, formal technical environmental approval for the development of Selva from the Italian Environment Ministry\n \n \n o \n Awaiting final sign off by Ministerial decree, the issuing of the required INTESA (intergovernmental agreement) and the final grant of a production concession from Italy's Economic Development Ministry \n \n \n o \n Expect early discussions regarding non equity funding of Prospex's c. €400,000 share of Selva development costs to mature as permitting process progresses\n \n \n o \n Updated CPR confirming reserves and additional contingent resources at Selva's North and South flanks provides significant follow-up development opportunities\n \n \n \n \n \n · \n \n EIV-1 Suceava Concession, onshore Romania - revenue at Bainet field in line with expectations\n \n \n \n o \n Revenue in line with 2019 budgeting - higher prices offset slightly lower than expected average production of 14,000m3 per day \n \n \n o \n Enlargement of Suceava Exploration Concession to 984 sq.km \n \n \n o \n Bainet-2 well targeting Bainet West, a lookalike Bainet gas prospect, drilled at all in cost of €260,000 net to Prospex - no commercial hydrocarbons encountered\n \n \n o \n Ongoing evaluation of the concession's gas prospectivity to determine licence extension and next drilling targets \n \n \n \n \n \n · \n \n Tesorillo Gas Project, onshore Spain - de-risking up to 830 bil...