Prospex Oil and Gas (GB:PXEN) has released an update.
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Prospex Energy PLC has announced successful preliminary results from the initial drilling of the Viura-1B development well in northern Spain, which has outperformed expectations and reached the targeted reservoir. Based on these results, the company has decided to extend drilling to appraise deeper sections, potentially increasing revenues substantially. The well, part of a field with estimated remaining reserves of 90 billion cubic feet, is expected to start generating revenue by late October or early November.
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