Prospex Oil and Gas ( (GB:PXEN) ) just unveiled an announcement.
Prospex Energy PLC has reported a significant 230% increase in net production rates across its European gas assets since January 2024, reaching approximately 86,000 scm/d. The company is advancing its drilling schedules, with new wells planned at its Viura, Selva, and El Romeral sites. The Spanish Ministry has approved permits for the Viura wells, while the Selva and El Romeral projects are progressing through regulatory processes. This expansion aligns with the rising demand for energy security in Europe and aims to enhance Prospex’s production capacity, potentially funding further developments from existing revenues.
More about Prospex Oil and Gas
Prospex Energy PLC is an AIM quoted investment company focused on high impact onshore and shallow offshore European opportunities with short timelines to production. The company aims to acquire undervalued projects with tangible value trigger points, applying low-cost re-evaluation techniques to de-risk prospects and rapidly scale up gas production. Prospex has three non-operated, revenue-generating, onshore producing gas investments in Europe, including the Viura Gas Field in northern Spain, Selva Malvezzi in northern Italy, and the El Romeral gas to power plant in southern Spain. The company also holds interests in the Tesorillo Exploration Permit in Southern Spain and has identified potential acquisitions in Poland.
YTD Price Performance: -1.37%
Average Trading Volume: 986,486
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £28.98M
For detailed information about PXEN stock, go to TipRanks’ Stock Analysis page.