Prospex Oil & Gas are an aim listed Oil & Gas investment company with assets in Romania, Italy, and Spain. In Romania, the company participated in a well on the block (Bainet-1) which has been a success with production expected 1H 2018, In Italy, the company took part with 17% W.I (working interest) in the Podere Gallina exploration permit at Po Valley’s Selva gas field (previously operated by ENI). The company’s geological concept has been to follow the four deep play, with early rewards coming from a small discovery at Bainet-1 before greater returns surfaced in the Italian flow testing at Selva, which exceeded all expectations.
Prospex has a multi-faceted portfolio of assets in which M.D Edward Dawson envisages a number of news catalysts coming from both existing discoveries and pending developments in Spain. Prospex initially holds a small stake in the Andalusian asset whilst technical studies are conducted, with an option to acquire upto 49% of the Tesorillo project which is said to hold 830 billion cubic feet of gas, with a best estimate upside in excess of 2 TCF according to competent persons Netherland Sewell.
Edward Dawson (MD) commented: We as a management team have a proven track record where we have produced a portfolio of assets moving towards revenue, personally I believe we have delivered, yet are hugely undervalued but I will let market commentators work that out, we seem to be on a run with the drilling and we continue to ultimately build a mid-sized Oil & Gas company.
Footage of the gas testing at Selva, Po Valley, Italy