London, December 16, 2024, (Oilandgaspress) ––– Prospex Energy plc (AIM:PXEN), the investment company focused on European gas and power projects, is very pleased to report the flow rates achieved from the flow testing of the recently drilled and completed Viura-1B development well in northern Spain, which have exceeded pre-drill expectations.
Highlights:
Viura-1B has been completed and it is being tested, having achieved flow rates up to 500,000 scm/d (17.7 MMscfd), which is 72,000 scm/d (2.6 MMscfd) net to Prospex.
The gas from the flow testing has already been sold on the market.
The Viura-1B well will now be placed on long term production at a stabilised plateau rate of 300,000 scm/d (10.6 MMscfd), which is 43,000 scm/d (1.5 MMscfd) net to Prospex.
Prospex’s net production has more than doubled since the beginning of December to ≈82,000 scm/d or ≈2.9 MMscfd.
This production increase does not include the production from the existing Viura-1ST3 well which has been producing intermittently since mid October at rates up to 200,000 scm/d (7.1 MMscfd), which is 29,000 scm/d (1.0 MMscfd) net to Prospex, as water handling issues are managed until the completion of the current workover on the Viura-3 water injection well.
Recent increased energy prices in Europe have resulted in much higher revenues from the Company’s investments.
Enhanced production income will make an important contribution to continued expansion, with eleven further wells planned in the next 18 months to two years across Prospex’s three onshore production concessions in Spain and Italy, and prospective blocks identified for acquisition in Poland.
Mark Routh, the CEO of Prospex, commented:
“The Viura-1B well test flow rates have exceeded pre-drill expectations from the larger than prognosed reservoir section of the main Viura reservoir target. The flow rates confirm the success of this development well with the added bonus that the gas produced from the flow tests has already been sold to the market and that the well is being put on long-term production at a rate of 300,000 scm/d which is 10.6 MMscfd (43,000 scm/d or 1.5 MMscfd net to Prospex). This and the production from the existing Viura-1ST3 well has more than doubled Prospex’s net production – directly accruing revenues to the Company’s investments as our gas and generated electricity are sold into the burgeoning European energy markets.
“More than doubling the production and therefore the revenue from our producing assets will put Prospex on an extremely sound footing to be able to fund its expansion plans of the eleven new wells currently going through permitting process on our approved onshore production concessions in Spain and Italy. It will also facilitate our proposed expansion plans onshore in Poland where we expect to be providing further news on the licence applications in the New Year.”
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