I have taken a punt on Prospex Oil and Gas, a £4m market cap minnow. It has 3 projects with production set to flow according to company guidance in Q3 from its Romanian (50% stake in the Suceava Concession) gas find in late 2017, this is expected to generate around 0.6m Euros per year for the company initially.
It has a much bigger play and find in Italy (17% interest in the Selva gas field) which is expected to be in production by 2020.
The big project it is associated with is the Tesorillo area in Spain which contains a large gas discovery estimated to contain 830 BCF with upside of over 2 TCF, it can earn up to 49.9% of this project on certain bits of work and progress.
Here is a copy of the Peterhouse broker report
http://prospexoilandgas.com/cms/wp-content/uploads/2018/07/Peterhouse-Initiation-of-Coverage-02.07.18.pdf
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I bought Prospex Energy (LON:PXEN) in 2017 at 0.475 pence (£750) and again in 2019 at 0.1065 pence (£500), making conversation on a couple of occasions:
at 25 for one, 2p was equivalent to 50p now, and 10p £2.50 !!
Nice work if only I could have had it by now.
So where is Prospex Energy going from today? I could get my money out of this dog today, but:
What do I see? Gas being switched by EU States to within, away from Russia, and the share values of the companies with discoveries in Spain and Italy rising steeply. The 50p is on the cards. On the other hand, PXEN Directors may decide to sell heavily – I had better watch out !!
