27th Nov 2024 12:59
Prospex Energy PLC - Europe-focused gas and power project investor - Expects to generate revenue from its Viura-1B development well in northern Spain by early December, following its imminent flow testing programme. The well, which was drilled by Heyco Energy Iberia SL, has reached its targeted total depth of 4,500 metres, and will be placed on long-term production after the testing programme. Prospex owns 7.2% of the Viura field through its 7.5% stake in Heyco, so will receive 14% of the field's production income until the payback of its initial capital investment from the acquisition, which completed in August.
Current stock price: 6.55 pence, down 3.6% in London on Wednesday afternoon
12-month change: up 14%
By Emily Parsons, Alliance News reporter
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