REG - Prospex Energy PLC - Plateau Production Rates confirmed at Viura Field

Prospex EnergyAnnouncement

24/10/2025 07:00

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RNS Number : 6591E  Prospex Energy PLC  24 October 2025

Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

24 October 2025

 

Prospex Energy plc

("Prospex" or the "Company")

 

Plateau Production Rates confirmed at the Viura Field

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on
European gas and power projects, is very pleased to confirm that gas
production from the Viura‑1B well in the Viura gas field in northern Spain
has reached the planned plateau rate of 180,000 normal cubic metres per day.
The operator of the Viura field, HEYCO Energía Iberia S.L. ("HEI" or the
"Operator") brought the well back into production on Friday 17 October 2025.
 

 

The reported flow rate of gas on 22 October 2025 from the Viura-1B well was
186,333 normal cubic metres, which is equivalent to 196,490 standard cubic
metres or 6.9 million standard cubic feet.  This rate was achieved at a 30%
choke setting.  This will be the ongoing plateau production rate.  The water
cut continues to be low and is reducing.

 

Prospex owns 7.24% of the Viura field through its ownership of 7.5% of HEI.
Prospex is accruing 14.47% of the production income from the Viura gas field
until payback of its initial capital investment (expected to be ≈£8
million) plus the accrued 10% p.a. interest thereon.

 

Mark Routh, Prospex's CEO, commented:

"I am very pleased to confirm that the flow rate of natural gas from the
Viura-1B well in the Viura field has achieved the planned plateau production
rate within a week of the recommencement of production last Friday.  The
confirmation of the performance of this reservoir is especially pleasing after
the recent frustrating one-off event which delayed the resumption of
production after the successful workover in July.

 

"This confirms our view that Viura is a prolific gas field and was an
excellent addition to our portfolio and that it is likely to continue
production and cash flows long into the future."

 

Background

The Viura acquisition significantly increased Prospex's estimated reserves by
6.5 Bcf (0.18 Bcm) net to Prospex.  The Operator's best estimate of
recoverable gross remaining reserves at the Viura field is 90 Bcf (2.5 Bcm)
and is expected to increase upon further evaluation of the newly drilled
horizons.  Once the newly reprocessed 3D seismic is reinterpreted it is the
Operator's intention to update the reservoir model, gas in place and the
reserves for the Viura field.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

* * ENDS * *

 

For further information visit www.prospex.energy (http://www.prospex.energy)
or contact the following:

 

 Mark Routh                        Prospex Energy PLC            Tel: +44 (Tel:+44) (0) 20 7236 1177
 Ritchie Balmer                    Strand Hanson Limited         Tel: +44 (0) 20 7409 3494

Rory Murphy
 Andrew Monk (Corporate Broking)   VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca (Corporate Finance)
 Neil Passmore                     Hannam & Partners             Tel: +44 (0) 20 7907 8500

 Leif Powis
 Ana Ribeiro / Charlotte Page      St Brides Partners Limited    Tel: +44 (0) 20 7236 1177

 

Notes

 

Prospex Energy PLC is an AIM quoted investment company focussed on high impact
onshore and shallow offshore European opportunities with short timelines to
production.  The Company's strategy is to acquire undervalued projects with
multiple, tangible value trigger points that can be realised within 12 months
of acquisition and then applying low-cost re-evaluation techniques to identify
and de-risk prospects.  The Company will rapidly scale up gas production in
the short term to generate internal revenues that can then be deployed to
develop the asset base and increase production further.

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