Prospex Oil and Gas kicks off flow-testing at Italian asset
European-focussed energy investor Prospex Oil and Gas announced on Friday that flow-testing at the Podere Maiar-1 well in Italy had begun, with results from the testing expected to be available before 19 January.
Isochronal flow testing operations on a rig-less basis started at the onshore appraisal/redevelopment well, located on the Podere Gallina Exploration Permit in the Po Valley Region, with Prospex hoping to draw positive results from the estimated total gross pay of 62m of gas held in reservoirs C1 and C2.
Prospex held a 17% interest in the well and shared the asset with the ASX-listed group Po Valley Energy, the well's operator, and United Oil and Gas, which held a 20% stake.
Prospex non-executive chairman, Bill Smith, said, "The commencement of flow testing at the Podere Maiar gas discovery in Italy kicks off what promises to be a highly active period for Prospex across our portfolio of interests in four European onshore projects. "
"Elsewhere, we continue to evaluate additional projects with a view to building a pipeline of late-stage development opportunities so that our shareholders are continually exposed to near-term value trigger events, such as drilling and first production," he added.
As of 1000 GMT, shares had grown 3.13% to 0.619p.