
Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas
4 February 2025
Prospex Energy plc
("Prospex" or the "Company")
Spanish Ministry Initiates Statutory EIA Consultation to drill five further wells on El Romeral Production Concessions
Prospex Energy plc (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce that it has received confirmation that the Spanish regulatory authority has initiated the Statutory Consultation of the Environmental Impact Assessment ("EIA") for the application to drill five new natural gas wells on the production concessions owned by Tarba Energía S.L. ("Tarba") known as El Romeral 1, 2 & 3 on 24 January 2025. Tarba generates electricity from its own natural gas production from the concessions, which in July 2024 were granted a ten-year extension to July 2034. The five wells are planned to target the five optimum structures on the El Romeral concessions, which will produce biogenic gas from shallow subsurface horizons. The depth of the wells average about 700 metres and will each take no longer than 3-4 weeks to drill once a suitable drilling rig has been mobilised.
Tarba submitted the EIA to
The Ministry has sent the EIA and supporting technical documents to the Area of Industry and Energy of the Government sub-delegation in
At the end of the gazetting period, the Junta de Andalucía will report back to the Ministry in
Whilst Tarba waits for the regulatory approvals process to complete, Tarba will progress with key drilling preparatory work, including detailed well design, sourcing of essential long-lead items, and securing the necessary contractors to deliver the five new production wells.
Mark Routh, Prospex's CEO, commented:
"This is a positive step in the process to approve the permits to drill five new wells on the El Romeral concessions. Having prepared an extremely thorough and professional environmental impact assessment study, including a statutory 12-month monitoring of the potential impact on local flora and fauna, Tarba has now progressed to the stage of statutory consultation with interested parties mostly located in Andalucía. Natural gas will continue to play a crucial role in
"It is important to highlight that the El Romeral power plant will reach full output capacity from production of just two of these five wells. Any extra gas from the remaining new wells or any future wells drilled on the concessions will support expansion plans at the power plant as well as the ability to supply natural gas directly to the grid. We are very much excited by the development potential of El Romeral and look forward to keeping shareholders updated on the permitting process."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
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For further information visit www.prospex.energy or contact the following:
Mark Routh |
Prospex Energy PLC |
Tel: +44 (0) 20 7236 1177 |
Ritchie Balmer |
Strand Hanson Limited |
Tel: +44 (0) 20 7409 3494 |
Andrew Monk (Corporate Broking) |
VSA Capital Limited |
Tel: +44 (0) 20 3005 5000 |
Ana Ribeiro / Charlotte Page |
St Brides Partners Limited |
Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low-cost re-evaluation techniques to identify and de-risk prospects. The Company will rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.
About El Romeral and Tarba
The El Romeral power plant is operated by Tarba, which is based near Carmona east of
The El Romeral gas and power project in
Tarba is pioneering a new hybridisation model that combines natural gas and solar energy as sources for electricity generation in the ecological transition process by developing a project to produce 5MW electricity using photovoltaic solar energy ("Project Helios").
In 2023 and 2024, Tarba supplied enough energy to cover the electricity consumption of approximately 6,700 homes in the area, even when operating the facility at one third of its capacity. With future wells to be drilled on the concessions, the plant is expected to reach its maximum nameplate production capacity to sell 8.1MW of power into the grid. The combination of further natural gas extracted from the concessions and the new photovoltaic generation is expected to cover the energy supply of 20,100 homes per year.
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