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Prospex Oil & Gas begins drilling second well in North East Romania

Published by
Oilfield Technology,


Prospex Oil and Gas Plc has been advised by the operator, Raffles Energy S.R.L. that the Bainet-2 well in the exploration area of the EIV-1 Suceava Concession, North East Romania, spudded during the afternoon of 25 June 2019. Prospex's wholly-owned subsidiary, PXOG Massey Ltd, holds a 50% non-operated interest in the 984 km2 concession with the balance held by Raffles.

The well is targeting the Bainet West prospect which is lying at a depth of circa 600 m. This prospect, which is well-defined on 2D seismic, is a look alike to the concession’s producing Bainet gas field. Specifically, it is located at a similar depth and in a similar position in relation to a fault whilst presenting similar seismic amplitude attributes to the Bainet field, which was discovered by the Bainet-1 well in November 2017.

Drilling and testing at Bainet West are expected to take 15 - 20 days to complete. If a commercial discovery is made, it is expected that Bainet West will be put on production in a similar fashion to Bainet-1, via a flowline link to the Bilca gas processing plant, which is less than 1.5 km away.

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. Bainet-2 is our fourth well in two and half years and follows two discoveries; Bainet-1 in Romania, which is currently on production, and the soon to be producing Podere Maiar-1 in Italy, which is expected to come online in 2020 at a rate up to 150 000 m3/d. 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.”

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/26062019/prospex-oil-gas-begins-drilling-second-well-in-north-east-romania/

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