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Nov 27, 2017 17:41 EEST
November 27 (SeeNews) - UK-based Prospex Oil and Gas said on Monday that it has made at its Bainet-1 well on the Suceava concession in Romania and may begin experimental production in the second quarter of 2018.
The discovery was announced by the operator of the well, Raffles Energy, Prospex said in a statement filed to the London Stock Exchange, LSEG.
Bainet-1 was drilled to a total depth of 600 m and encountered 9 m of reservoir with 8 m of net gas pay consisting of a good quality Sarmatian sandstone reservoir. During a final 11-hour test, natural gas containing over 99% methane flowed at a rate of approximately 33,000 cubic metres per day through a 8 mm choke, Prospex said.
Depending on the receipt of relevant permits and approvals, it is expected that experimental production from the Bainet gas discovery will commence in the second quarter of 2018.
"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," Prospex non-executive Chairman, Bill Smith, said.
For now, Bainet-1 has been put in conservation for a short period until it is connected to the Raffles operated Bilca gas processing plant via a 1,500 metres flowline tie back to the existing production infrastructure, Prospex said.
"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 focussed on the evaluation of a portfolio of shallow gas prospects and the selection of the most prospective candidates for further exploration drilling," Raffles CEO Doru Morariu said.
A comprehensive work programme and detailed budget for the next 3 years was developed in conjunction with the expert advice of the National Agency for Mineral Resources, ANMR and is already submitted to ANMR, Morariu added.
Prospex started to drill here in mid-November in Bainet well, a shallow gas target mapped on 3D seismic that has been assigned internal gross prospective resources of approximately 1.5 billion cubic feet recoverable.
In September, Prospex it has raised 650,000 British pounds (730,100 euro) to fund its 2017 work programme at the Suceava concession.
In August, Prospex Oil and Gas acquired a 50% economic interest in the Exploration Area of the EIV-1 Suceava Concession through its 100% owned subsidiary PXOG Massey for 750,000 euro. The acquisition consists of the exploration area with the Grancesti SE-1 undeveloped discovery, a number of prospects at varying stages of development and some leads. The balance of the exploration area interest is held by Raffles Energy S.R.L, an established gas producer in Romania.
Prospex Oil and Gas is focused on high impact onshore and shallow offshore European opportunities with short timelines to production. The company's management acquires 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.
(1 British pound=1.1223 euro)
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