British companies Raffles Energy Group and Prospex Oil&Gas made and important gas discovery in the EIV-1 Suceava hydrocarbon concession in North-Eastern Romania.
After drilling a 600-meter well, the British firms discovered a natural gas deposit containing more than 99% methane with a flow of about 33,000 cubic meters per day. The experimental production is expected to begin in the second quarter of the next year after connecting the well to the Bilca gas processing plant operated by Raffles, via a 1,500-meter pipe.
Prospex Oil&Gas bought a 50% stake in the Eastern Romania hydrocarbon concession with EUR 750,000 from the Raffles Energy Group this summer. The agreement targets an exploration area in the Suceava concession, which includes an underdeveloped hydrocarbon discovery at Granicesti as well as several prospecting licenses in different stages of development.
Prospex agreed to contribute up to EUR 550,000 to spending on the exploration program in the second half of this year.