Romanian Progress for Prospex, Serinus
Two onshore gas explorers in Romania on September 17 separately announced progress with their gas assets.
AIM-listed Prospex Oil and Gas announced initial production at its Bainet gas field in northeast Romania, while Jersey-registered Serinus Energy’s Moftinu appraisal well in northwest Romania has flowed gas.
Prospex said its 50-50 joint venture in the 980 km2 EIV-1 Suceava concession, operated by Raffles Energy, has commenced first experimental gas production. Operator Raffles (formerly Aurelian Oil & Gas) has chosen to produce just 20,000 m3/d but this could be adjusted up or down depending on well performance or demand, said Prospex, adding that gas from the field is sold into the Transgaz national grid at Romanian market prices of circa €6 ($7)/’000 ft3 to an established Romanian gas trader.
Chairman Bill Smith said that the start of its first Romanian gas production was "a milestone event which transforms Prospex into a revenue generative investment company.” Prospex now hopes for similar results at its Podere Maiar gas discovery onshore Italy, now being advanced towards production, and Tesorillo in Spain where work is underway to de-risk up to 2 trillion ft3 of gross prospective resources.
Serinus meanwhile said its Moftinu-1003 well, drilled to 1,600 metres, is now undergoing a five-day build-up test. It said that, operating on the largest choke size, the well has already flowed at an average rate of 6.3mn ft3 with no progressive pressure decrease throughout the test, with no water produced. Following the build-up test, the well will be tied into the completed flowline connecting to the Moftinu gas plant. CEO Jeffrey Auld said Serinus was “thrilled” by the results. The company had previously tested nearby the Moftinu-1007 well and completed a gas processing plant.