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Drilling Update, onshore Italy
Drilling Update, onshore Italy.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9194X Prospex Oil and Gas PLC 30 November 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n30 November 2017\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nDrilling Update, onshore Italy\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce it has been updated by the operator, Po Valley Energy (\"PVE\"), on the progress of the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well') on the Podere Gallina Exploration Permit (\"Podere Gallina\" or the \"Permit\") in the Po Valley region of Italy. Prospex has a 17% working interest in Podere Gallina, which is located in a proven hydrocarbon province where over 5,000 wells have been drilled historically.\n \nPVE has confirmed that it has successfully completed first casing run in hole and cementing of Podere Maiar-1 and drilling is ahead from 500m to target depth of 1,300m. PVE believes target depth is expected to be reached in approximately 6-8 days. \n \nPodere Maiar-1 is being drilled into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf between 1960 and 1984. Modelling work highlights the potential to recover contingent resources of 17 Bcf of undrained gas structurally updip from historic Selva wells. \n \nProspex non-executive Chairman, Bill Smith, said, \"We are encouraged by the good progress being made on the Podere Gallina Exploration Permit in Italy and I look forward to providing further updates from the well site in the coming weeks.\"\n \n* * ENDS * *\n \nFor further information visit www.prospexoilandgas.com or contact the following:\n \n\n\n\n\nEdward Dawson\n\n\nProspex Oil and Gas Plc\n\n\nTel: +44 (0) 20 3766 0325\n\n\n\n\nRory Murphy\nRitchie Balmer\nJack Botros\n \n\n\nStrand Hanson Limited\n \n\n\nTel: +44 (0) 20 7409 3494\n\n\n\n\n\n\nJon Belliss\n\n\nBeaufort Securities Limited\n\n\nTel: +44 (0) 20 7382 8300\n\n\n\n\nDuncan Vasey\n\n\nPeterhouse Corporate Finance\n \n\n\nTel: +44 (0) 20 7469 0932\n\n\n\n\nFrank Buhagiar \nCharlotte Page\n \n\n\nSt Brides Partners Ltd\n \n\n\nTel: +44 (0) 20 7236 1177 \n\n\n\n\n \nNotes\nProspex Oil and Gas Plc is an AIM quoted investment company focussed on high impac...