Prospex Oil and Gas ( (GB:PXEN) ) just unveiled an update.
Prospex Energy PLC has announced its acquisition of 100% of Tarba Energía, which includes the El Romeral gas-to-power plant and exploration permits in southern Spain, for €652,725. This strategic move, funded by Prospex’s capital resources, is expected to significantly boost production and revenue once drilling permits for new wells are approved. The acquisition aligns with Prospex’s strategy to enhance its investment in European gas and power projects, potentially increasing the El Romeral asset’s contribution to the company’s net production from 10% to 20%. Additionally, the drilling schedule for the Viura gas field in northern Spain has been delayed by 6 to 8 weeks, with operations now expected to commence in May 2025.
More about Prospex Oil and Gas
Prospex Energy PLC is an AIM-quoted investment company focused on high-impact onshore and shallow offshore European opportunities with short timelines to production. The company aims to acquire undervalued projects with multiple, tangible value trigger points that can be realized within 12 months of acquisition, applying low-cost re-evaluation techniques to identify and de-risk prospects. Prospex rapidly scales up gas production to generate internal revenues for further asset development and increased production.
YTD Price Performance: -15.75%
Average Trading Volume: 838,849
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £24.55M
For an in-depth examination of PXEN stock, go to TipRanks’ Stock Analysis page.