Prospex Oil and Gas ( (GB:PXEN) ) has provided an announcement.
Prospex Energy PLC has announced a temporary halt in production at the Viura gas field due to a leak in the completion tubing of the Viura-1B well. The operator, HEYCO Energia Iberia S.L., is working to mobilize equipment for a workover, aiming to resume production by mid-June 2025. This delay impacts the schedule for drilling development wells, now planned for 2026, but provides Prospex with more time to generate cash from other assets, potentially reducing the need for additional market funding. The company remains confident in the operator’s ability to manage the situation effectively and optimize future development.
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 to generate internal revenues for further asset development.
YTD Price Performance: -15.75%
Average Trading Volume: 867,464
Technical Sentiment Signal: Buy
Current Market Cap: £24.76M
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