Prospex Energy PLC Warrego Energy interests in Spanish assets (0597G)
11 Noviembre 2022 - 1:00AM
UK Regulatory
TIDMPXEN
RNS Number : 0597G
Prospex Energy PLC
11 November 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
11 November 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Potential sale of Warrego Energy interests in Spanish assets
Prospex Energy PLC, the AIM-quoted investment company focused on
European gas and power projects, notes the announcements made on
the ASX by Warrego Energy Ltd ("Warrego") (ASX:WGO) on 10 November
2022, regarding a potential sale of its shares in Tarba Energía
S.L. ("Tarba") as a result of a proposed merger of Warrego with
Strike Energy Ltd ("Strike"). Warrego is a co-owner of Tarba and
the coventurer in the assets that Prospex holds in Spain.
Warrego has confirmed that it has received from Strike a
confidential, non-binding indicative all-share merger proposal that
may be implemented through a scheme of arrangement, which is being
reviewed by Warrego. The announcement by Warrego also references
its shareholding in Tarba and the Company understands that Strike
does not wish to participate in assets outside of Australia. Should
any scheme of arrangement between Warrego and Strike be agreed,
then within a 12-month period, Strike would use best endeavours to
sell Warrego's Spanish assets and additional consideration would be
distributed to the Warrego shareholders. It would appear that both
parties contemplate divestment of Warrego's Spanish assets.
The Spanish assets owned and operated by Tarba comprise the El
Romeral gas to power plant and related gas concessions near Carmona
in Andalucía, southern Spain and the Tesorillo exploration permit
in the Cadiz province in Southern Spain, which is currently
suspended. Prospex owns a 49.9% working interest in El Romeral and
a 15% working interest in Tesorillo, with Warrego owning 50.1% and
85% respectively. There is a Shareholders Agreement governing the
Tarba shares under which, among other rights, Prospex has an option
to increase its working interest in Tesorillo to 49.9% upon payment
of EUR1.725 million prior to the drilling of an appraisal well.
Mark Routh CEO of Prospex commented:
"Should any deal be struck by Warrego the focus by any potential
new owner is most likely to be on the asset base in Western
Australia. This may result in the disposal of Warrego's Spanish
portfolio, which is in no way a reflection of the quality of the
assets. We will continue to monitor the progress of the
negotiations between Warrego and Strike and update the market in
due course."
A copy of the announcement released on the ASX by Warrego on
10(th) November 2022 can be found here: https://bit.ly/3UL91gg
.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
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
Rory Murphy 7409 3494
Andrew Monk (Corporate Broking) VSA Capital Limited Tel: +44 (0) 20
Andrew Raca/Alex Cabral (Corporate 3005 5000
Finance)
Colin Rowbury Novum Securities Tel: +44 (0) 20
Jon Belliss Limited 7399 9427
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ana Ribeiro Limited 7236 1177
Notes
About El Romeral
The El Romeral gas and power project in Spain, with gas
production wells supplying gas to an 8.1MW power plant near Carmona
in Southern Spain is owned and operated by Tarba. It is currently
operating at about 30% of its full capacity because Tarba is
waiting on permits to drill further infill wells on the concessions
to increase production. Tarba can now be categorised as a hybrid
energy provider with the successful installation of photovoltaic
panels on the roof of the plant. Prospex owns a 49.9% working
interest in the El Romeral project via Tarba. The remaining 50.1%
working interest is owned by Warrego Energy Limited (ASX:WGO).
Tarba sells electricity generated from the plant on the spot market
in Spain. The Tarba team has continued to liaise with various
government agencies to progress drilling and environmental
approvals for El Romeral. The El Romeral licences comprise three
contiguous production concessions. There are no financial or
drilling commitments attached to the El Romeral Exploitation
Concession.
About Tesorillo
The Tesorillo Project in the Cadiz province of Southern Spain
comprises two petroleum exploration permits, the Tesorillo and
Ruedalabola Permits that were approved as a joint investigation
programme. The Tesorillo Project covers 94,000 acres and includes a
known gas discovery at the Almarchal-1 well. Prospex owns a 15%
working interest in the Tesorillo project via Tarba. The remaining
85% working interest is owned by Warrego Energy Limited (ASX:WGO).
Prospex has the right to acquire a further 34.9% of the Tesorillo
Project on payment of EUR1.725 million prior to the drilling of the
appraisal well on Tesorillo. The Tesorillo Project is estimated to
contain 831 Bcf gross unrisked prospective resources on a best
estimate basis and has excellent proximity to pipelines and
infrastructure. (Best Estimate Prospective Resource assessment
independently verified by Netherland, Sewell and Associates - 5 May
2015.)
On 12 May 2021 an application was submitted to MITECO (the
Spanish Regulator) to convert the vast majority of the existing
Tesorillo Project to an exploitation concession, together with a
field development plan for approval and all of the necessary
supporting documents. The application was submitted before the
Climate Change Act 7/2021 of 22 May 2021 came into force. The
outcome of this application is still under consideration by MITECO
and will not be known for some time.
The Tarba team has continued to liaise with various government
agencies to progress drilling and environmental approvals for
Tesorillo. Tarba is targeting conventional sandstone gas
reservoirs. There are no financial or drilling commitments attached
to the Tesorillo Project Exploitation Concession application.
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