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Prospex Oil and Gas ( (GB:PXEN) ) has shared an announcement.
Prospex Energy PLC announced the resumption of gas production from the Viura-1B well in the Viura gas field, northern Spain, operated by HEYCO Energía Iberia S.L. The well, which had been shut down due to equipment failure, is now back in production, reaching 120,000 cubic meters per day with plans to increase to 180,000 cubic meters per day. Prospex holds a 7.24% interest in the field and is accruing 14.47% of the production income until its initial capital investment is repaid. This development is significant for Prospex as the Viura field represents the largest contribution to its portfolio, reinstating cash flow and enhancing its market position. The Viura acquisition has notably increased Prospex’s estimated reserves, with further evaluation expected to increase recoverable reserves.
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’s strategy involves acquiring undervalued projects with multiple, tangible value trigger points that can be realized within 12 months of acquisition. Prospex aims to rapidly scale up gas production to generate internal revenues for further asset development and increased production.
Average Trading Volume: 817,928
Technical Sentiment Signal: Sell
Current Market Cap: £17.58M
Learn more about PXEN stock on TipRanks’ Stock Analysis page.