Prospex Oil and Gas said a well in Romania, of which it has a 50% interest, has commenced drilling.
The Bainet-1 well is located in the exploration area of the EIV-1 Suceava Concession, onshore Romania.
It is targeting the Bainet Prospect, a shallow, 600m biogenic gas target covered by 3D seismic and assigned internal gross prospective resources of approximately 1.5 billion cubic feet recoverable.
Drilling and short-term testing is expected to take 15 days, Prospex said.
At 9:56am: (LON:PXOG) Prospex Oil Gas share price was +0.01p at 0.52p