Prospex Energy plc reported a 187% increase in net production to 70,000 standard cubic metres per day, and in net revenues helped by price rises, from its natural gas investments onshore Spain and Italy.
VIURA
The Viura field located in La Rioja, northern Spain averaged 217,000 scm/d for February to March 2025, net to Prospex of 31,400 scm/d, despite flow rates decreasing since January, .
The original producing well of Viura-1 ST3 was not in production as it underwent a workover for conversion into a water injection well.
Prospex said that Viura-3 had since been ruled out for water injection and has been capped and suspended.
Drilling at the field has been deferred for operational reasons until the second quarter, starting with Viura-3B.
Gas production from El Romeral was an average 17,300 scm/d, net 8,700 scm/d, before conversion to electricity and sold.
Prospex expects to double its net production following completion of its 100% acquisition of its joint venture partner Tarba Energia S.L.’s shares later this month.
EL ROMERAL
Permits to drill five new wells at El Romeral in Andalucia, will follow regulatory reviews of the environmental impact assessment (EIA) and, subject to no objections, are expected during the final quarter.
The company’s interests in the Selva field, Northern Italy, saw average gross gas production of 79,800 scm/d, net to Prospex of 29,900 scm/d.
Seismic acquisition on the Selva Malvezzi concession is expected to begin during Q3 with operations lasting three weeks before data processing and interpretation.
The JV awaits full permits after which drilling is scheduled to begin during Q4 2025 or Q1 2026.
“As an investing company rather than an operator, we do not control on-the-ground activities or the timeframes associated with permitting,” said chief executive Mark Routh said.
“However, our deep sector knowledge and subsurface expertise combined with our understanding of the growing energy demand across Europe, has helped drive a net production increase of over 187% since the same period in 2024.
“This has led to a commensurate increase in net revenues in line with that increase in production.
“I remain confident in our ability to continue delivering sustainable growth for the benefit of all shareholders.”