Onshore drilling of a well in Romania has started, according to AIM listed investment firm Prospex Oil and Gas.
The company said in a statement today that operator Raffles Energy had spudded the Bainet-1 well in the Suceava Concession.
Prospex has a 50% interest in Suceava, which is located in a proven hydrocarbon basin in north-east Romania.
The well is targeting the Bainet Prospect, a shallow, 600m biogenic gas target covered by 3D seismic.
The Bainet Prospect lies on trend with similar fields producing from good quality Salmatian reservoirs on the concession as well as with analogue gas fields producing conventional high-calorific value natural gas (over 98% methane content) in the Bilca Gas Production Area of the adjoining EIII-1 Brodina Block.
Drilling and short term testing, which is being undertaken by Weatherford Drilling International, is expected to take 15 days.
Prospex non-executive Chairman, Bill Smith, said: “The commencement of drilling operations at the Bainet Prospect kicks off what promises to be an exciting period for Prospex, which will see us participate in the drilling of two wells in the next few weeks.
“In addition to Suceava, we have a 17% interest in the Podere Maiar-1d appraisal well in the Podere Gallina Exploration Permit in the Po Valley region of Italy, which is also due to be drilled shortly targeting contingent resources (2C) of 17 Bcf.”