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Prospex Oil and Gas announces final results


13 Jun 2019

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Prospex Oil and Gas, the AIM quoted investment company, has announced its Final Results for the year ended 31 December 2018 and provided an update on its operations in Romania, Italy and Spain.

Highlights

  • Significant progress made across portfolio of late stage onshore European projects focused on the European foredeep play
  • EIV-1 Suceava Concession, onshore Romania:
    • Commencement of first gas production at Bainet-1 well within 10 months of drilling - completion of permitting process and installation of connection to existing production facility
    • Anticipated average flow rate of 15,000 m3/day for budgeting purposes based on more than six months of production
    • Post period end enlargement of the concession area includes new high priority Bainet lookalike gas prospect - preparations underway to drill an exploration well in June/July 2019
  • Podere Gallina Exploration Permit, onshore Italy:
    • Commercial gas discovery confirmed following testing of Podere Maiar-1d well - peak flow rates of 148,136 scm/day (5.2mmscf/d) and 129,658 scm/day (4.6 mmscf/d) from two gas-bearing reservoirs achieved
    • Post period end preliminary award of production concession keeps first gas on track to commence at Selva in 2020 
    • Post period end Competent Person's Reports assign 2P reserves / 2C resources / prospective resources of 2.26 bcf / 2.40 bcf / 15.56 bcf respectively net to Prospex's 17% interest
  • Tesorillo Gas Project, onshore Spain:
    • Increase in interest to 15% from 2.5% as part of staged earn-in option to acquire 49.9% interest following 2018 field programme centred on de-risking up to 830 billion cubic feet of gas (Best Estimate) of gross unrisked Prospective Resources
    • Results of ongoing work programmes to determine well location and an updated Competent Person's Report
    • Strong local and regional support garnered through community engagement programmes

Financial Highlights

  • £779,904 maiden net profit after taxation from continuing operations (2017: loss - £3,161,241)
  • 77% increase in the net book value of investments to £4,307,617 (2017: £2,426,789)
  • £1,710,418 unrealised gains on financial assets (2017: loss - £613,723)
  • £1,061,451 administrative expenses, before bad debt provisions, broadly in line with 2017's £1,003,630
  • £1.2 million raised via placing of 200,000,000 new ordinary shares to fund 2018 work programmes
  • £480,000 raised via the issue of loan notes, primarily to fund the Company's share of the budgeted early stage development costs (including environmental monitoring) at the Selva gas discovery
  • Post period end £800,000 raised via placing of 400,000,000 new ordinary shares, primarily to fund the Company's share of costs for the 2019 Suceava work programme, including drilling the Bainet West prospect

Edward Dawson, Managing Director of Prospex, said:

'A maiden net profit of £779,000 is testament to the progress made on the ground across our portfolio of late stage European projects during the year under review.  This includes first gas production in Romania, confirmation of a commercial gas discovery in Italy and an increase in our interest in the up to 830bcf Tesorillo gas project in Spain to 15% from 2.5%, following completion of 2018 work programmes.  Our objective remains to expose our shareholders to a continuous stream of high impact activity, and in line with this we are focused on ensuring 2019 builds on the success we have had over the past two years.  2019 is expected to see us participate in the drilling of a second well in Romania targeting a prospect that is a lookalike to the producing Bainet field, and further advance our work programmes in Spain and Italy. I look forward to providing further updates on our progress as we focus on ensuring the underlying value of our assets is more fully reflected in our share price.'

Original article link

Source: Prospex Oil and Gas





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