Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
27 September 2021
Prospex Energy PLC
Tesorillo Project Status and Exploitation Concession Application
Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, reports on the progress that its joint venture company Tarba Energía S.L. ("Tarba") has made with respect to recent legislation changes in
Highlights
· Application to convert Tesorillo into an exploitation concession was submitted to the relevant authorities before
· Specialist legal advice received by Tarba confirms that applications from existing permits prior to the Climate Change Act coming into force maintain their validity under the new law.
· Tarba's application is being considered by the regulators at a time of significantly rising prices for gas and LNG imports in
· The El Romeral exploitation concessions at which Tarba operates its gas to power plant are in force and unaffected by the Climate Change Act.
The Tesorillo Project in the Cadiz province of
On 22 May 2021,
In advance of the enactment of this law, Tarba sought specialist legal advice in
The Tarba team has continued to liaise with various government agencies to progress drilling and environmental approvals for both El Romeral and for Tesorillo. Tarba is targeting conventional sandstone gas reservoirs. There are no financial or drilling commitments attached to the Tesorillo Project Exploitation Concession application.
Mark Routh Prospex's CEO commented:
"In communicating with shareholders over the past few months, we felt the need to clarify our position with Tesorillo in light of the recent legislative changes taking place in
"We are ever mindful of the environmental impact of our activities in the region and the need to balance this against the current economic situation where gas is in short supply. To put things in context, local indigenous onshore gas production in
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 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 |
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 Capital Limited |
Tel: +44 (0) 20 7220 9797 |
Susie Geliher |
St Brides Partners Ltd
|
Tel: +44 (0) 20 7236 1177 |
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