Business
Update on Tesorillo Project, Spain
Update on Tesorillo Project, Spain.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5172U Prospex Oil and Gas PLC 13 July 2018 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n13 July 2018\nProspex Oil and Gas Plc ('Prospex' or the 'Company')\nUpdate on Tesorillo Project, Spain\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to provide an update on the ongoing work programme to test known gas bearing sandstone sequences at the Tesorillo Project ('Tesorillo' or 'the Project') in the Cadiz Province, southern Spain. Tesorillo covers 38,000ha in a proven hydrocarbon region and contains a known gas discovery, which a Competent Person's Report undertaken by Netherland Sewell and Associates (\"NSAI\") in 2015 estimated could hold gross unrisked Prospective Resources of 830 billion cubic feet of gas (Best Estimate), with upside in excess of 2 Tcf. \n \nThe operator at Tesorillo, Tarba Energia (previously called Schuepbach Energy Espania), has notified the Company that the relevant contracts to carry out a passive Audio-Magnetotellurics ('AMT') survey on the licence area have now been awarded to GeoProSys and GeoGnosia, two leading European AMT expert contractors. With all preparatory work nearing completion and mobilisation ongoing, the Tesorillo 2018 AMT survey is due to commence in the near-term, as soon as access to the land can be gained once this year's exceptionally late harvesting season in Southern Spain ends. In addition to historic seismic survey data, the AMT survey will help evaluate the subsurface geology of the permit area and test for resistivity as a further indication of the presence of hydrocarbons. It is expected that after AMT data acquisition is completed, subsequent processing and interpretation phases will follow, with final results expected late 2018.\n \nIn tandem with the AMT survey, structural fieldwork mapping and analysis will be shortly initiated with the support of the University of Granada. This applied geoscience analysis will be complementary to the subsurface knowledge gained via the AMT survey. In addition, technical discussions with potential drilling and completion contractors are at an advanced stage as part of the ongoing well permitting and approvals process initiated at Ministry level. \n \nFollowing receipt of the required approvals and support from ...