REG - Prospex Energy PLC - Viura Operational Update

Prospex EnergyAnnouncement

20/11/2025 12:00

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RNS Number : 3949I  Prospex Energy PLC  20 November 2025

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

 

20 November 2025

 

Prospex Energy PLC

("Prospex" or the "Company")

 

Viura Operational Update

 

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on
European gas and power projects, is pleased to provide an operational update
on the Viura field in northern Spain.  The operator of the Viura field is
HEYCO Energía Iberia S.L. ("HEI").

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.

Viura Operational Highlights

·    Steady production from the Viura Well at a gross plateau rate
averaging more than 190,000 scm/d (≈6.6 MMscfd) in line with expectations.

·    Average production rate net to Prospex at 14.47% is more than 27,100
scm/d (≈1 MMscfd).

·    Water production has reduced to an average of less than 10 cubic
metres per day which equates to an average of ≈9 Bbls/MMscf.  This improved
performance is a direct result of the new completion installed earlier in the
year.

·    The operator is working on the reprocessed 3D seismic database with a
view to optimising the structural model so that a reserve report can be
commissioned to support a debt facility to fund the development wells now
scheduled in late 2026 or early 2027.

 

Mark Routh, Prospex's CEO, commented:

"I am pleased to report that after a month of gas production from bringing the
Viura-1B well back online on 17 October 2025, the well is producing gas at a
steady plateau rate of more than 190,000 scm/d with a reduced water cut on
account of the newly installed well completion.  This confirms our long-held
view that the Viura field is a strongly performing asset and that the recent
production outage was an anomaly.

 

"Subsurface studies are ongoing with the objective to independently verify the
gas reserves in the Viura field to support a debt facility for future funding
of the development wells.  Further months of production at this stabilised
plateau rate will further enhance viability of an independent reserves
report."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

* * ENDS * *

 

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

 

 Mark Routh                        Prospex Energy PLC            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

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 obtain an
independently verified report on the reserves for the Viura field.

 

Glossary:

Bbl                          Barrel (≈5.615 scf or
≈0.158987 scm)

Bcf                          Billion standard cubic
feet

Bcm                       Billon standard cubic metres

MMscfd                million standard cubic feet per day

MMscm                Million standard cubic metres

MWh                     Mega Watt hour

scf                          Standard cubic feet

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

 

 

Qualified Person Signoff

In accordance with the AIM notice 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 over 40 years 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.

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