REG - Prospex Energy PLC - Viura Field Update

Prospex EnergyAnnouncement

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RNS Number : 6004Z  Prospex Energy PLC  17 September 2025

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

 

17 September 2025

 

Prospex Energy plc

("Prospex" or the "Company")

 

Viura Field Update

 

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 resumption of production following the
completion of the workover of the Viura‑1B well, in the Viura gas field in
northern Spain, has been delayed owing to an unforeseen event during the well
testing.

 

During the well tests performed last month with wireline downhole pressure
monitoring, a failure in the pressure control equipment required the safe and
controlled cutting of the associated cable while still inside the well.  This
has resulted in a wireline logging tool and its cable being left inside the
tubing.  The required equipment to retrieve the tool and the cable had to be
mobilised from Aberdeen, UK, with gas production not being able to proceed
safely until the cable either has been removed or its location is known to be
secured below the safety valve in the well.  Operations to remove the tool
and the cable commenced on Tuesday 16 September 2025.  At this time, the
timing of the resumption of production is unknown.

 

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:

"This is a very unfortunate setback in re-instating production from this
prolific gas field.  Safety of production operations is paramount and the
Operator is working as quickly as it can to resume gas production from the
field at stable and sustainable rates, but this has to be done safely.  Until
the logging equipment that remains in the hole can be removed or safely
located and secured downhole, gas production can not resume.  I look forward
to updating shareholders when the Operator has brought the Viura gas field
safely back into continuous production from the Viura-1B well."

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.

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