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."