Prospex Energy plc has completed a 7.5% acquisition of Heyco Energy Iberia S.L., the majority owner of the Viura onshore gas field in northern Spain.
VIURA 1B
The purchase completed on 19 August 2024 follows a £4.2 million fundraise earlier in the month.
Viura has estimated gross remaining reserves are 90 bcf (2.5 bcm), of which 6.5 bcf (0.18 bcm) is net to Prospex.
Development well Viura 1B is expected to reach the reservoir horizon in the next two to three weeks and to generate revenue from October.
The company will contribute £3.51m, which is 15% of the estimated £23.4m total costs in 2024, to the development programme including Viura-1B.
“With the recent extension of the El Romeral concessions being confirmed by the Spanish regulatory authorities, Prospex becomes a significant energy producer in Spain,” said chief executive Mark Routh.
“With the five new wells on the El Romeral concessions advancing through the permitting process, Prospex is set to become an important supplier of energy to the Spanish nation enhancing its energy security.”
The company’s 15% share of the 2025-2026 development programme is approximately £4.84m, which it estimates will reduce by production income to £2.7m by May 2025.