Prospex Energy PLC El Romeral Gas & Power Project Acquisition Update (6807O)
11 Febrero 2021 - 1:00AM
UK Regulatory
TIDMPXEN
RNS Number : 6807O
Prospex Energy PLC
11 February 2021
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
Prospex Energy PLC ('Prospex' or the 'Company')
Update on El Romeral Gas & Power Project Acquisition
Prospex Energy PLC, the AIM quoted investment company focused on
European gas and power projects, is pleased to provide the
following update on its acquisition (the 'Acquisition') of a 49.9%
interest in El Romeral, an integrated gas production and power
station operation in southern Spain ('El Romeral' or 'Project').
Prospex is acquiring its interest in the Project, which includes
three producing wells that supply gas, through its own network, to
a 100% project-owned 8.1 MW power station, via Tarba Energia
('Tarba'). Prospex owns a 49.9% interest in Tarba B shares with its
partner Warrego Energy Limited owning the balance.
As announced on 24 December 2020, Tarba informed its
shareholders that final regulatory approval in the form of both
Ministerial and Regional authorities sign-off has been received for
the transfer of El Romeral to Tarba and that the acquisition could
proceed to completion. At the time of the announcement, completion
was expected on 31 January 2021. Tarba has now informed its
shareholders that, due to slower than anticipated progress made
during the period immediately following the festive period, the
Acquisition is now expected to complete on 28 February 2021.
Tarba, which will assume the day-to-day management and control
of El Romeral following completion, is utilising the extended time
frame to continue its preparatory work so that the operational
transfer will go smoothly.
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. This is expected to be achieved 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 5Bcf and 90Bcf, respectively.
Tarba will also carry out a review of existing wells to evaluate
the potential to undertake workovers to enhance recovery rates.
Historically, the power station at El Romeral regularly produced c.
60,000 Mwh per annum when gas was not a limiting factor.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
* * ENDS * *
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
Ritchie Balmer 3494
Jack Botros
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7469
0932
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
Cosima Akerman 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.
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