Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas
4 July 2019
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Annual General Meeting Statement
Prospex Oil and Gas Plc, the AIM quoted investment company, is holding its Annual General Meeting ('AGM') later today. At the meeting, Ed Dawson, CEO of Prospex, will make the following statement:
"The commencement of gas production at our 50%-owned Bainet field in
"With first production, first reserves and first profits all now booked, we are hungry for seconds. Specifically, bringing a second field into production and, subject to further success on the ground, reporting a second net profit for 2019 are targets for the Company over the next twelve months. Progress is being made. Following excellent test flow rates at the Podere Maiar well in January 2018, the Selva field on the Podere Gallina licence onshore
"The final award of the production concession will not just cover the Selva field, but also multiple follow-on targets and prospects on Podere Gallina, including targeting the up dip of two of Selva's historic gas producing North Flank and South Flank reservoirs. These are estimated by geophysical services consultancy, CGG Services (
"Activity in the year ahead will not be confined to
"In Romania, it was disappointing to report earlier this week that the Bainet-2 well failed to encounter commercial volumes of hydrocarbons. While this well was targeting a look alike prospect to the nearby producing Bainet field, the result demonstrates how discoveries are only made via the drill bit. At an estimated all in cost of
"All three of our projects hold historic discoveries, multiple prospects and leads, and benefit from easy access to infrastructure. Our existing asset base therefore provides us with considerable run-room to build on the two discoveries we have already made in
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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 3948 1619 |
Rory Murphy
|
Strand Hanson Limited
|
Tel: +44 (0) 20 7409 3494 |
Colin Rowbury John Belliss |
Novum Securities Limited |
Tel: +44 (0) 20 7399 9427 |
Duncan Vasey |
Peterhouse Corporate Finance
|
Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar Priit Piip
|
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