Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
Prospex Energy PLC ('Prospex' or the 'Company')
Completion of Acquisition of El Romeral Gas & Power Project in
Highlights
· Completion of acquisition of a 49.9% interest in El Romeral gas and power operation in
· Significant potential to increase gas production and electricity generation at El Romeral
· El Romeral complements existing portfolio of onshore European gas projects which includes Selva field in
Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce the completion of the acquisition (the 'Acquisition') of a 49.9% interest in El Romeral, an integrated gas production and power station operation in southern
Following the completion of the Acquisition, Tarba has assumed the day-to-day management and control of the Project and will look to implement a number of short-term operational enhancements and efficiencies.
The medium-term target at El Romeral is to increase on site gas production and, in turn, electricity generation at the Project's power plant towards its nameplate capacity from the current 22% level. Historically, the power station at El Romeral regularly produced c. 60,000 Mwh per annum when gas was not a limiting factor. In the medium to long-term, Tarba expects on site gas production can be increased via the drilling of new wells targeting already identified development locations and very-low risk prospects which have been assigned gross contingent and prospective gas resources of 5billion cubic feet ('Bcf') and 90Bcf, respectively. Tarba will also carry out a review of existing wells to evaluate the potential to enhance production rates via workovers.
Prospex non-executive Chairman, Bill Smith, said, "El Romeral adds to our portfolio three producing gas wells and an operating, but underutilised, 8.1 MW power station, which cost
"Thanks to both the existing operations and the considerable development potential, El Romeral provides significant asset backing to Prospex Energy, and that is before our interest in the Selva gas field on the Podere Gallina permit in
This announcement contains inside information.
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For further information visit www.prospexoilandgas.com or contact the following:
Edward Dawson |
Prospex Energy PLC |
Tel: +44 (0) 20 3948 1619 |
Rory Murphy |
Strand Hanson Limited
|
Tel: +44 (0) 20 7409 3494 |
Colin Rowbury |
Novum Securities Limited |
Tel: +44 (0) 20 7399 9427 |
Duncan Vasey |
Peterhouse Corporate Finance |
Tel: +44 (0) 20 7469 0932 |
Frank Buhagiar
|
St Brides Partners Ltd
|
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 gas and power opportunities. The Company acquires undervalued projects and then applies low cost re-evaluation techniques to identify and de-risk prospects. Prospex currently holds a portfolio of three projects: the Podere Gallina Permit in
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