Prospex Energy PLC plans to drill five new wells on the EL Romeral concessions after becoming the sole shareholder of Tarba Energía SL.
The acquisition gives Prospex interests in the El Romeral production concessions and associated El Romeral gas-to-power plant near Carmona and the Tesorillo and Ruedalabola exploration permits (currently suspended) in the Cadiz province in southern Spain.
Prospex sees further upside in the concessions with additional mapped structures to evaluate and drill once the first five wells have been permitted and drilled.
Gross un-risked, mid-case prospective resources of 90 bcf have been mapped across 11 low-risk prospects in the three El Romeral concessions.
The El Romeral asset currently represents 10% of Prospex Energy’s net production, with a 55% contribution coming from the Viura asset in Northern Spain and 35% coming from the Selva Malvezzi asset in northern Italy. Following completion of this transaction, the El Romeral asset will represent about 20% of the company's enlarged net production.
The schedule for the commencement of drilling operations at the Viura gas field in northern Spain has been pushed back by 6-8 weeks. Drilling operations on the Viura project are now expected to start in May 2025. Viura gas field is operated by HEYCO Energy Group.
