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Significant Commercial Gas Discovery Onshore Italy
Significant Commercial Gas Discovery Onshore Italy.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3256C Prospex Oil and Gas PLC 19 January 2018 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n19 January 2018\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nSignificant Commercial Gas Discovery Onshore Italy\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by the operator Po Valley Energy Limited ('PVE') that strong flow rates from testing operations have confirmed a significant commercial gas discovery at the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well'). Prospex holds a 17% interest in Podere Maiar, which is located on the Podere Gallina Exploration Permit ('Podere Gallina) in the Po Valley region of Italy, a proven hydrocarbon province where over 5,000 wells have been drilled historically. \n \nPodere Maiar was drilled in Q4 2017 into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf of gas between 1960 and 1984. As announced on 20 December 2017, two gas-bearing reservoirs, C1 and C2, were encountered by the Well in the Medium-Upper Pliocene sands of the Porto Garibaldi formation. Peak flow rates achieved at both levels during testing are as follows: \n \n· C2 (net pay of 25.5 m): 148,136 scm/day (5.2mmscf/d) on a 3/8 inch choke and a pressure differential of 11 bar with no water production - pressure recovery to formation pressure occurred in two minutes\n \n· C1 (net pay of 15.5 m): 129,658 scm/day (4.6 mmscf/d) on a 3/8 inch choke with good pressure recovery of approximately 12 minutes\n \nTables showing flow test results for various choke sizes at both levels are set out below.\n \nBased on the strong flow rates, which significantly exceed pre-test expectations of 100,000 scm/day, 99.1% methane gas content recorded at both levels, and the Well's close proximity (600metres) to the Italian national grid pipeline connection, PVE has declared Podere Maiar a commercial discovery. PVE will now prepare and submit a production concession application to the Italian Ministry in H1 2018. The Ministry has been formally informed of the discovery and officials were in attendance during the successful test.\n \nIn tandem with this, analysis ...