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BUCHAREST (Romania), November 13 (SeeNews) - UK-based Prospex Oil and Gas said on Monday that it has started drilling the Bainet-1 well on the Suceava concession in Romania.
Drilling and short-term testing, which is being undertaken by Weatherford Drilling International, are expected to take 15 days, Prospex said in a press release.
The Bainet well is a shallow gas target mapped on 3D seismic that has been assigned internal gross prospective resources of approximately 1.5 billion cubic feet recoverable.
Bainet is one of several low cost and low risk exploration and development opportunities that Prospex has identified at Suceava.
"The commencement of drilling operations at the Bainet Prospect kicks off what promises to be an exciting period for Prospex, which will see us participate in the drilling of two wells in the next few weeks," Prospex non-executive chairman Bill Smith said.
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=1.1233 euro)