Aim-listed Prospex Oil and Gas has announced positive log results indicating the presence of a gas bearing reservoir at the Podere Maiar-1d appraisal/redevelopment well in the Po Valley region of Italy.
The update follows the successful drilling of the Well in the Selva Gas Field to a measured depth of 1,330 metres, ahead of schedule and on budget.
Prospex has a 17% working interest in Podere Maiar, which is located in a proven hydrocarbon province where over 5,000 wells have been drilled historically. Podere Maiar-1 was drilled into the Selva Gas-Field (previously operated by ENI), which historically produced 83Bcf between 1960 and 1984.
Commenting on the latest findings, Prospex non-executive Chairman, Bill Smith, said: "The log results for the Podere Maiar are highly encouraging.
“With completion of the well and the commencement of flow testing operations due to take place shortly, I look forward to providing further updates from the Podere Gallina Exploration Permit in the next few weeks, as we look to build on our recent drilling success at the Bainet-1 gas discovery in Romania."