Prospex Oil and Gas has made a new gas discovery at the Bainet-1 well in the exploration area of the EIV-1 Suceava Concession, onshore Romania.
The company, through its wholly owned subsidiary PXOG Massey, owns a 50% non-operated interest in Suceava Exploration, which is operated by Raffles Energy.
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Drilled to a total depth of 600m, the well encountered 9m of reservoir with 8m of net gas pay consisting of Sarmatian sandstone reservoir.
The discovery is claimed to be similar to that found in other producing fields in the concession.
Prospex Oil and Gas non-executive chairman Bill Smith said: “To have made a commercial gas discovery with just the second well in which we have participated is, in our view, testament to the quality of the technical work we carry out when evaluating potential projects and also our focus on minimising risk wherever possible.
“This sees us focus on proven onshore European plays such as Suceava, which are close to markets and have excellent access to infrastructure.
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By GlobalData“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.”
During the final phase of the test, natural gas flowed at a rate of about 33,000 cubic metres a day.
The well is currently in conservation and will continue to remain so until it is connected to the Bilca gas processing plant.
Experimental production from the Bainet gas discovery is anticipated to begin in the second quarter of next year and is conditional upon the receipt of relevant permits and approvals.
