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Commercial Gas Discovery, onshore Romania
Commercial Gas Discovery, onshore Romania.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5297X Prospex Oil and Gas PLC 27 November 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n27 November 2017\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nCommercial Gas Discovery, onshore Romania\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by the operator, Raffles Energy S.R.L. ('Raffles'), that a new gas discovery has been made at the Bainet-1 well ('Bainet-1' or 'the Well') in the Exploration Area of the EIV-1 Suceava Concession (the 'Concession' or 'Suceava Exploration'), onshore Romania. Prospex wholly-owned subsidiary PXOG Massey Limited has a 50% non-operated interest in Suceava Exploration, which is located in a proven hydrocarbon basin in North East Romania.\n \nBainet-1 was drilled to a total depth of 600m and encountered 9m of reservoir with 8m of net gas pay consisting of a good quality Sarmatian sandstone reservoir, similar to that found in fields producing elsewhere in the Concession, as well as in analogue fields in the Bilca Gas Production Area of the adjoining EIII-1 Brodina Block. The two intervals tested by Bainet -1 within the main gas pay zone were perforated at a measured depth of 513.3 to 514.8m and 516.3 to 517.3m.During the final 11-hour test, natural gas containing over 99% methane flowed at a rate of approximately 33,000 cubic metres/day through a 8mm choke. \n \nBainet-1, which has been completed as a producer, has been put in conservation for a short period until it is connected to the Raffles operated Bilca gas processing plant via a 1,500 metres flowline tie back to the existing production infrastructure. Subject to the receipt of relevant permits and approvals, it is expected that experimental production from the Bainet gas discovery will commence in Q2 2018. \n \nProspex non-executive Chairman, Bill Smith, said, \"To have made a commercial gas discovery with just the second well in which we have participated is, in our view, testament to the quality of the technical work we carry out when evaluating potential projects and also our focus on minimising risk wherever possible. This sees us focus on proven onshore European plays such as Suceava which are close to markets and have excellent access to inf...