Prospex Energy plc has secured a 10-year extension to the El Romeral natural gas production joint venture near Carmona east of Seville in Spain.
CAMPAIGN
The company has a 49.9% working interest and Warrego Energy Ltd has 50.1% in the El Romeral power plant, operated by Tarba Energia S.L to generate electricity.
Warrego is now wholly owned by Hancock Energy (PB) Pty Ltd in Perth, Western Australia.
Signed on 24 July, the extension for concessions El Romeral 1, 2 and 3 is the maximum allowable term and is renewable for a further decade until 2044.
Prospex said that applications for the five-well drilling campaign have already been submitted to regulatory authorities.
Tarba’s project Helios is pioneering a new hybridisation model that combines natural gas and solar energy as sources for electricity generation to produce 5MW electricity using photovoltaic solar energy.
The partners aim to drill future wells and expect the plant to reach its maximum nameplate production capacity to sell 8.1MW of power into the grid.
“It is important to highlight that the El Romeral power plant will reach full output capacity from production of just two of the proposed five wells,” added chief executive Mark Routh.
“Any extra gas from the remaining new wells or any future wells drilled on the concessions will facilitate expansion plans at the power plant as well as the ability to supply natural gas directly to the grid or to the local market in Andalucía.”