Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
13 July 2018
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Update on Tesorillo Project,
Prospex 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
The 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
In tandem with the AMT survey, structural fieldwork mapping and analysis will be shortly initiated with the support of the University of
Following receipt of the required approvals and support from the local authorities, an environment impact assessment (EIA) has been commissioned. As part of this process, relevant surveys over the Tesorillo permit are currently being carried out by a well-recognised environment consultancy group from
As announced on 19 December 2017, Prospex currently holds a 2.5% interest in Tesorillo and has the option to increase this to 49.9% based on the results of the current work programme, which includes the MT Survey and, subject to the results, a well to target the Almarchal-1 discovery.
Prospex non-executive Chairman, Bill Smith, said, "With an historic gas discovery, exposure to the European fore deep play, excellent access to infrastructure and local markets, Tesorillo shares many similar characteristics to our interests in
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson |
Prospex Oil and Gas Plc |
Tel: +44 (0) 20 3766 0325 |
Rory Murphy
|
Strand Hanson Limited
|
Tel: +44 (0) 20 7409 3494 |
Duncan Vasey |
Peterhouse Corporate Finance
|
Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar Charlotte Page
|
St Brides Partners Ltd
|
Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Oil and Gas Plc is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low cost re-evaluation techniques to identify and de-risk prospects.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the