Prospex Oil and Gas reported spudding of the Bainet-2 well in in the exploration area of the EIV-1 Suceava Concession of north-east Romania.
Through its wholly owned subsidiary PXOG Massey, the company owns a 50% non-operated interest in the 984km² concession operated by Raffles Energy.
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The Bainet-2 well targets the Bainet West prospect, lying at a 600m depth.
This prospect is well-defined on 2D seismic and claimed to be similar to that found in other producing fields in the concession.
According to the company, drilling and testing at the Bainet-2 well are expected to take between 15 and 20 days to complete.
Prospex non-executive chairman Bill Smith said: “Bainet West was only added to our inventory of prospects in Romania in March 2019 following the concession’s enlargement, so the commencement of drilling a little over three months later is an exceptional achievement, one which is testament to the first-rate operations team on the ground, the business-friendly environment in Romania, and our partner’s excellent in-country knowledge and experience.”
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By GlobalDataBainet-2 is the company’s fourth well in 2.5 years and follows two discoveries, namely Bainet-1 in Romania, which is currently on production; and the soon-to-be producing Podere Maiar-1 in Italy.
The Italian discovery is expected to come online in 2020 with an expected production rate of up to 150,000cmpd.
Smith added: “With much activity underway across our portfolio, including work programmes at the Tesorillo Project in Spain to de-risk 2 TCF of gas unrisked Gross Prospective Resources, I look forward to providing further updates on progress made on the ground, as we focus on closing the huge gap between the value of our assets and our share price.”
Based in London, UK, Prospex is an oil and gas investment portfolio, focusing on onshore and shallow, offshore opportunities.
