Prospex Eyes First Gas at Italian Field in 2020
UK gas explorer Prospex Oil and Gas is on track for achieving first gas at the Selva field in Italy in 2020, it said in its interim report on September 23.
The Podere Maiar-1 well at Selva should flow 150,000 m3/day next year, Prospex said. Selva lies in the Podera Gallina exploration permit, in which Prospex has a 17% stake. The permit is operated by Po Valley Energy with 63% while United Oil & Gas has 20%.
Prospex is also active in Romania, where it holds a 50% stake in the EIV-1 Suceava concession containing the Bainet gas discovery. Bainet is flowing at a rate of 15,000 m3/day, Prospex said, in line with expectations.
Prospex is also taking part in a work programme at its Tesorillo gas project in southern Spain, operated by Tarba Energia, aimed at de-risking up to 830bn ft3 of gross gas resources. Results will help Prospex decide whether to drill at the site and exercise its right to raise its stake in the venture from 15% to 49.9%.
“We continue to run the rule over a number of new ventures as we focus on growing our portfolio of projects, building on our track record of participating in four new wells in three years, and at the same time adding to the two commercial gas discoveries we have made to date,” Prospex’s managing director Edward Dawson commented.
Prospex reported a post-tax net loss of £680,906 ($846,450) for the six months ending June 30, versus a loss of £540,761 in the same period last year.