25th Jul 2024 17:05
(Alliance News) - Prospex Energy PLC on Thursday announced it has been granted a ten-year licence extension for natural gas concessions at the El Romeral power plant.
Prospex Energy is a Europe-focused gas and power project investor.
El Romeral is located in Carmona, Spain. The plant is operated by Tarba Energia SL and is the only facility in Spain that converts electricity from natural gas at the same location as the gas extracted from the subsurface.
Prospex said applications to permit the five well drilling campaign have been submitted to the Ministry for Ecological Transition and the Demographic Challenge. With the wells, Prospex expects the plant to cover the energy supply of 20,100 homes.
Prospex said the licence extension will guarantee electricity supply to the grid until at least July 2034. Following this, the concessions may be extended for a further ten years.
Chief Executive Officer Mark Routh said: "The official extension of the El Romeral production concessions for the maximum allowable term of ten years, is a very welcome step by the Spanish regulatory authorities. It is also an important official acknowledgement by the Spanish state of the crucial role natural gas will continue to play in the nation's energy security and the ecological transition process".
Prospex Energy shares were up 3.1% to 8.20 pence per share in London on Thursday afternoon.
By Lydia Doye, Alliance News reporter
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