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Prospex Oil and Gas ( (GB:PXEN) ) just unveiled an announcement.
Prospex Energy PLC has announced a delay in the resumption of production at the Viura gas field in northern Spain due to a failure in pressure control equipment during well testing. The company, which holds a 7.24% stake in the Viura field, is working with the operator to safely remove or secure a wireline logging tool and cable left in the well before production can continue. This setback affects Prospex’s plans to generate production income from the field, but the company remains focused on safely reinstating gas production.
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 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 seeks to rapidly scale up gas production to generate internal revenues for further asset development and increased production.
Average Trading Volume: 969,611
Technical Sentiment Signal: Sell
Current Market Cap: £17.79M
Learn more about PXEN stock on TipRanks’ Stock Analysis page.