Prospex Oil and Gas Plc – Onshore Romania Well Update

Prospex Oil and Gas Plc, the AIM quoted investment company, is pleased to provide an update on its investment in the Exploration Area of the EIV-1 Suceava Concession (the ‘Concession’ or ‘Suceava’), which is located in a proven hydrocarbon basin in North East Romania. Prospex has a 50% interest in Suceava.

Prospex has been informed by the operator, Raffles Energy S.R.L. that well site preparations for the Bainet-1 well are near completion. The contracted rig, the Weatherford 865 is presently drilling operations in the neighbouring block to the west. Once these operations are complete the rig will move and commence operations at Bainet-1. It is anticipated that the rig could be onsite in a couple of weeks, but exact timings are dependent on the rig being released from its current operations. The Company does not intend to provide a further update on the Bainet-1 well until drilling is imminent or underway.

A selection of photographs detailing progress at the site of the Bainet-1 well are available to view on the Company’s website: 

http://www.prospexoilandgas.com/gallery.html

Source: http://www.prospexoilandgas.com/