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Prospex Oil and Gas ( (GB:PXEN) ) has provided an update.
Prospex Energy PLC has announced the resumption of gas production from the Viura-1B well in the Viura gas field in northern Spain, operated by HEYCO Energía Iberia S.L. The production restart follows successful retrieval operations after a pressure control equipment failure in August. Prospex, owning 7.24% of the Viura field, is set to accrue 14.47% of the production income until its initial capital investment is repaid. This development significantly contributes to Prospex’s portfolio, enhancing cash flow and reinforcing its market position in European gas projects.
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, applying low-cost re-evaluation techniques to identify and de-risk prospects, and rapidly scale up gas production to generate internal revenues for further development.
Average Trading Volume: 817,928
Technical Sentiment Signal: Sell
Current Market Cap: £17.58M
See more data about PXEN stock on TipRanks’ Stock Analysis page.