Business
Acquiring up to 49.9% of Spanish gas project
Acquiring up to 49.9% of Spanish gas project.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7233Z Prospex Oil and Gas PLC 19 December 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n19 December 2017\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nAcquiring up to 49.9% of proven gas project in southern Spain\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce it has agreed to acquire up to a 49.9% interest in the Tesorillo Project ('Tesorillo' or 'the Project') in southern Spain ('the Acquisition'). Tesorillo contains a known gas discovery, which a Competent Person's Report undertaken by Netherland Sewell and Associates (\"NSAI\") in 2015 estimated could hold gross unrisked Prospective Resources of 830 billion cubic feet of gas (Best Estimate), with upside in excess of 2 Tcf. The Acquisition is in line with the Company's strategy to build a portfolio of high impact onshore and shallow offshore European opportunities with short timelines to production. This year the Company has acquired interests in three onshore European projects and participated in the drilling of two new wells, both of which have resulted in gas discoveries. \n \nTesorillo: multiple development/appraisal gas plays with company-making potential\n· Comprised of two petroleum exploration licences, the Tesorillo and Ruedalabola Permits, covering 38,000ha in a proven hydrocarbon region in the Cadiz Province of southern Spain\n· Tesorillo contains the Almarchal-1 discovery well ('Almarchal' or 'the Well'), which was drilled in 1956 by Spanish operator Valdebro\no The Well intersected a thick section of possible gas pay including some zones which flowed gas to surface on testing\no Located on a gravity and seismically delineated thrust ramp anticline, with closure area exceeding 70 km2 and multi-Tcf potential\no Drillstem tests and log analysis confirm 48m of gas pay from two Miocene Aljibe Formation sandstone intervals, with a further 492m of potential gas pay interpreted from logs but unconfirmed by testing \n· Ruedalabola contains 1957 Puerto de Ojen-1 well, 15km to the east of Almarchal which displayed similar gas shows to Almarchal but could not be tested for mechanical reasons\n· Large Resource: unrisked prospective resource of 830 Bcf (Best Estimate...