Successful Completion of Podere Maiar-1 well, onshore
Prospex 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.
Perforations 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.
Also 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.
Prospex Non-Executive Chairman,
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:
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Tel: +44 (0) 20 3766 0325 |
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Strand
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Tel: +44 (0) 20 7409 3494 |
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Tel: +44 (0) 20 7382 8300 |
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Peterhouse Corporate Finance
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Tel: +44 (0) 20 7469 0932 |
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Tel: +44 (0) 20 7236 1177 |
Notes
This information is provided by RNS