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

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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.”

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