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Prospex Oil and Gas ( (GB:PXEN) ) has provided an announcement.
Prospex Energy PLC has completed the statutory Environmental Impact Assessment (EIA) consultation process for drilling five new natural gas wells on the El Romeral concessions in Spain, with no objections from 29 statutory consultees. The Ministry for the Ecological Transition and the Demographic Challenge in Madrid (MITECO) now has the full EIA documentation to assess, with a timeline of 90-180 days for final approval. This development is crucial for Prospex, as the El Romeral power plant will reach full output capacity from the production of just two of the proposed wells, supporting expansion plans and the ability to supply natural gas directly to the gas grid.
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, and rapidly scaling up gas production.
Average Trading Volume: 833,160
Technical Sentiment Signal: Sell
Current Market Cap: £15.86M
Find detailed analytics on PXEN stock on TipRanks’ Stock Analysis page.