Raffles Energy SRL announces New Gas Discovery in EIV-1 Suceava Concession, Romania

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Raffles Energy SRL, a wholly owned subsidiary of the UK-based Raffles Energy Group, has announced that a new gas discovery has been made recently in the Exploration Area of EIV-1 Suceava Concession (Raffles 50% and operator, PXOG Massey Limited 50%) in North Eastern Romania.

The Bainet-1 well, targeting an exploration prospect analogue to the Bilca gas field, was drilled to a total depth of ca 600m. The conventional natural gas (containing over 99% high calorific value methane) was discovered in a good quality Sarmatian sandstone reservoir that tested at a flow rate of approximatively 33,000 cubic meters/day on 8mm choke.

Bainet-1 well was completed as a producer and is now put in conservation for a short period. The plan is to connect the discovery to the Bilca gas processing plant operated by Raffles via a 1,500 meters flowline tie back to the existing production infrastructure. Subject to permitting and approvals, it is expected that Bainet gas discovery will start the experimental production in Q2-2018.

“The Bainet gas discovery provides an excellent additional near-term production opportunity for Raffles’ growing asset base”, commented Dr Doru Morariu, Chief Executive Officer Raffles. “Over the next coming years, Raffles plans to continue the exploration activities in Suceava Concession with a petroleum operations programme focussed on the evaluation of a portfolio of shallow gas prospects and the selection of most prospective candidates for further exploration drilling.”

The company also announced that a comprehensive work programme and detailed budget for the next 3-years period (2018 to 2020) was developed in conjunction with the expert advice of the National Agency for Mineral Resources (“NAMR”) and is already submitted for NAMR approval.

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