Prospex Oil and Gas Plc (LON:PXOG) shares were on the back foot, down 4%, despite the company revealing what it described as “encouraging” initial results from the Podere Maiar-1d well in Italy’s Po Valley region.
Downhole log readings provided by Schlumberger has confirmed some 53 metres of gross gas pay, with the top of the reservoir seen above prior production wells in the field. Analysis of the data indicates the presence of gas in the two main sand intervals.
Production equipment is due to be installed, with well completion expected by mid-December with flow testing anticipated by early January.
"The log results for the Podere Maiar are highly encouraging,” said Bill Smith, Prospex chairman.
“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."