REG - Prospex Energy PLC - Production Restarts at Viura Field

Prospex EnergyAnnouncement

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RNS Number : 9994D  Prospex Energy PLC  20 October 2025

 

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

 

20 October 2025

 

Prospex Energy plc

("Prospex" or the "Company")

 

Production Restarts at Viura Field

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on
European gas and power projects, is very pleased to inform shareholders that
gas production has resumed from the Viura‑1B well in the Viura gas field in
northern Spain.  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 well was started with a reduced choke setting and ramped
up in stages to reach 120,000 cubic metres per day with 7 cubic metres per day
of water by Sunday 20 October 2025.  Start-up is ongoing with the target of
reaching 180,000 cubic metres per day plateau production this week.

 

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.

 

During the well tests performed in August with wireline downhole pressure and
flowrate monitoring, a failure in the pressure control equipment required the
safe and controlled cutting of the associated cable while still inside the
well.  Operations to retrieve equipment from the well, using equipment
mobilised from Aberdeen UK have been completed safely and without incident and
the well is now back in  production.

 

Mark Routh, Prospex's CEO, commented:

"The resumption of production from the Viura field is very welcome news.  The
operator safely removed the severed wireline cable from the well with no
injuries or safety incidents, enabling recommencement of gas production from
the well.  Prospex' share of production from Viura represents the largest
contribution to the Company's portfolio of net production with the associated
reinstatement of cashflow being particularly welcome news."

 

Background

The Viura-1B well 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.  Operations to re-instate continuous production in August encountered
an unforeseen issue whilst preparing to monitor the pressures and flow rates
from the well using specialised downhole wireline logging tools.  To ensure
well and site safety the wireline cable had to be cut and left in the well
when equipment failure resulted in a potential well control issue.

 

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.  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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