Prospex Oil and Gas has raised £800,000 at 0.2p a share and this will finance a work programme at the Suceava concession in north east Romania.
Drilling a well on the Bainet West prospect could cost €800,000, of which Prospex would pay €400,000.
This prospect has similar characteristics to the Bainet gas field, which is already producing. There are other potential low risk areas to explore on the concession.
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