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Successful Completion of Podere Maiar-1 well
Successful Completion of Podere Maiar-1 well.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8542Z Prospex Oil and Gas PLC 20 December 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n20 December 2017\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nSuccessful Completion of Podere Maiar-1 well, onshore Italy\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has been advised by Po Valley Energy Limited ('PVE'), the operator of the Podere Maiar-1d appraisal/redevelopment well ('Podere Maiar' or 'the Well') onshore Italy, that it has successfully cased, perforated and completed the Well and that flow testing is expected to commence in January 2018. \n \nProspex holds a 17% interest in the Well (PVE 63% Operator; United Oil & Gas Plc 20%), which is located on the Podere Gallina Exploration Permit ('Podere Gallina' or the 'Permit') in the Po Valley region, which is a proven hydrocarbon province. Podere Maiar was drilled into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf of gas between 1960 and 1984. \n \nPerforations over 11m have been executed successfully in two identified gas reservoirs, C1 and C2, in the Medium-Upper Pliocene sands of the Porto Garibaldi Fm. The perforations have been chosen based on established reservoir management practices and long-term production potential. The Well is now completed (single selective) for production, is \"on gas\" and flow testing will be on a rig-less basis.\n \nAlso recent log analysis, including data from pressure testing, has delineated the two gas bearing reservoirs with a total gross pay of 62m and a net pay of 41m. The shallower level C1's gross pay runs from 1,253.5m MD to 1,275.5m MD, has a net pay of 15.5m, a gas water contact (\"GWC\") at 1,270.5m MD and has been perforated over 2.5m in the uppermost portion. The deeper and thicker level C2's gross pay runs from 1,282.5m MD to 1,322.5m MD, has a net pay of 25.5m, a GWC at 1,310m MD and has been perforated over a combined 8.5m. The C2 reservoir is expected to be the larger reservoir and primary producer. \n \nProspex Non-Executive Chairman, Bill Smith, said, \"With the completion of Podere Maiar on time and on budget, we look forward to flow testing the Well, which has two identified gas bearing rese...