Business
Resource Upgrade & Production Expansion Potential
Resource Upgrade & Production Expansion Potential.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2132X Prospex Oil and Gas PLC 26 April 2019 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n26 April 2019\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nResource upgrade at Podere Gallina investment and Selva gas field ('Selva')\nSignificant production expansion potential at Selva \n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that operator, Po Valley Energy Limited ('Po Valley'), has informed its partners of a substantial upgrade to the resource estimate for the Podere Gallina Exploration Permit ('Podere Gallina'), and specifically the Selva gas field resources in the Po Valley region of Italy to 14.1bcf contingent resources ('2C') and 91.5bcf prospective resources (best estimate). Previously gross resources for Podere Gallina stood at zero 2C resources and 52.7bcf prospective resources, alongside 13.3bcf of 2P reserves. The resource upgrade for the 331km² Podere Gallina licence area has been validated by independent sub-surface technical services consultancy, CGG Services (UK) Limited ('CGG'), via an updated Competent Persons Report. Prospex holds a 17% interest in Podere Gallina, equating to net 2P reserves / 2C resources / prospective resources attributable to the Company of 2.26 bcf / 2.40 bcf / 15.56 bcf respectively. \n \nHighlights:\n· Substantial upgrade to gas resources at Podere Gallina validated by CGG - provides significant scope for low risk expansion of production from Selva:\no Selva assigned gross contingent resources of 14.1 billion cubic feet (bcf) (previously zero) following evaluation of the historical gas producing North Flank and South Flank reservoirs, with chance of success on the prospects of between 60% and 70%, and 2C resources of 8.9 bcf and 5.2 bcf respectively\no 74% increase in aggregate gross prospective resources (best estimate case) to 91.5 bcf from 52.7 bcf following detailed evaluation of four large prospects \n· Upgraded resources are in addition to gross 2P reserves of 13.3 bcf already assigned to Selva by CGG \n· Prospex's 17% interest equates to 2P reserves of 2.26 bcf; 2C resources of 2.40 bcf; and prospective resources of 15.56 bcf net to Prospex - providing significant asset backing\n· &n...