Prospex Oil and Gas discovers gas in Romanian reservoirs and might launch production in Q2 2018

28/11/2017 13:46 Natural Gas

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Prospex Oil and Gas based in the UK declared it has made a finding at its Bainet-1 well on the Suceava concession in Romania and might launch exploration in the second quarter of 2018, as announced by the operator of the well, Raffles Energy.

Bainet-1 well was drilled to an overall depth of 600 m and came across 9 meters of reservoir with 8 meters of net gas pay comprising a good quality Sarmatian sandstone reservoir. 


At present, Bainet-1 has been kept in conservation for a short time until it is linked to Bilca gas processing power unit operated by Raffles.


Bill Smith, Prospex non-executive Chairman, stated: "As well as generating the company's first production and revenues in the near term, the Bainet gas discovery will provide an excellent platform from which to evaluate the multiple conventional shallow gas prospects and leads that have been identified across the concession".


Raffles CEO, Doru Morariu, declared: "The Bainet gas discovery provides an excellent, additional near-term production opportunity for Raffles' growing asset base. Over the coming years, Raffles plans to continue the exploration activities in the Suceava Concession with a petroleum operations programme focused on the evaluation of a portfolio of shallow gas prospects and the selection of the most prospective candidates for further exploration drilling".


Prospex began to drill in Bainet well in the middle of November, while in September, the UK firm provided a funding of 650,000 British pounds (730,100 euro) to its 2017 activity program at Suceava.


Prospex Oil and Gas is concentrated on high impact onshore and shallow offshore European possibilities with short time scheduled for production. The company's administration obtained underestimated projects with multiple, value boosting potential that can be executed within 12 months of purchasing and then applying low cost reassessment techniques to recognise and reduce the risk.
 

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