REG - Prospex Energy PLC - Viura Field Update

Prospex EnergyAnnouncement

26/08/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250826:nRSZ6282Wa&default-theme=true

RNS Number : 6282W  Prospex Energy PLC  26 August 2025

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

 

26 August 2025

 

Prospex Energy plc

("Prospex" or the "Company")

 

Viura Field Update

Initial flow tests confirm potential for high flow rates from the Viura-1B
well

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on
European gas and power projects, wishes to inform shareholders that it has
been advised by the Operator of the Viura field, HEYCO Energia Iberia S.L.
("HEI" or the "Operator"), that the recompletion workover of the Viura‑1B
well, in the Viura gas field in northern Spain, was achieved without the need
for a coil tubing unit, resulting in significant cost savings.

 

In addition a short flow test carried out at the well confirmed that the well
is operating successfully after the workover, demonstrating strong
deliverability from both the well and the Viura reservoir.

 

During the short flow test the following rates were achieved:

·    100,000 scm/d (3.5 MMscfd) at a 10% choke setting.

·    200,000 scm/d (7.1 MMscfd) at a 25% choke setting.

·    Both flow tests produced dry gas with no water from the topmost
section of the main Utrillas‑A reservoir, fulfilling one of the main
objectives of the workover intervention.

 

As advised in the RNS of 31 July 2025, the Operator successfully replaced the
tubing in the Viura-1B well but now advises of a delay to the reinstatement of
production from the Viura-1B well due to technical and equipment issues, both
sourcing and implementation, which are delaying the resumption of production
and which they are working urgently to address.

 

The Company is waiting for further information from the Operator, including
the likely timing of the resumption of production, which is currently unknown,
and will keep shareholders informed of the Operator's progress as appropriate.

 

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

 

Mark Routh, Prospex's CEO, commented:

"Initial production tests at the Viura-1B well have confirmed what we have
always known and the reason we invested in Viura - the potential to deliver
first class flow rates from this large onshore gas field.  However,
interventions in deep, deviated wells such as Viura-1B are technically complex
and take time to execute and are not without challenges especially since the
necessary equipment may not be immediately available in region.  However, we
are confident that the Operator is working urgently to bring the Viura field
safely back into continuous production from the Viura-1B well and I look
forward to updating shareholders on its progress in due course."

 

Background

The Viura-1B well is currently not in production and was shut in during
April-2025 owing to the detection of a leak in the completion tubing which
required a rig intervention to reinstate production.  A rig was mobilised and
the production tubing was replaced in July and operations are ongoing to
re-instate continuous production.

 

Total natural gas produced from the Viura-1B well from start-up in December
2024 to the end of Q1-2025 was 30.2 MMscm = 1.1 Bcf (which is ≈ 4.4 MMscm =
154 MMscf net to Prospex).

 

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.  This 90 Bcf most likely recoverable reserve number is not an
independently derived 2P reserve number but is based upon the operator's most
recent tests and studies with best estimates of gas in place and recovery
factors.  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.

 

Qualified Person Signoff

In accordance with the AIM note for Mining and Oil and Gas Companies, the
Company discloses that Mark Routh, the CEO and a director of Prospex Energy
plc has reviewed the technical information contained herein.  Mark Routh has
an MSc in Petroleum Engineering and has been a member of the Society of
Petroleum Engineers since 1985.  He has more than 40 years of operating
experience in the upstream oil and gas industry.  Mark Routh consents to the
inclusion of the information in the form and context in which it appears.

Glossary:

Bcf                            Billion standard
cubic feet

Bcm                          Billion standard cubic
metres

Boe                           Barrels of Oil
Equivalent (where 1 MMBoe = 5.8 Bcf)

MMBoe                  Million Barrels of Oil Equivalent

mcf                           Thousand standard
cubic feet

MMscf                    Million standard cubic feet

MMscfd                  Million standard cubic feet per day

MMscm                  Million standard cubic metres

MMscm/d             Million standard cubic metres per day

MWh                       Mega Watt hour

scm                           Standard cubic metres

scm/d                      Standard cubic metres per day

TTF                            The 'Title Transfer
Facility' - a virtual trading point for natural gas in the Netherlands.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDDBGDIISDDGUU