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Prospex Oil and Gas ( (GB:PXEN) ) has provided an announcement.
In a significant development, Prospex Energy PLC announced that the flow rates from the recently completed Viura-1B well in Spain have surpassed pre-drill expectations, effectively doubling the company’s net production and revenues. This increase in production, alongside the rising energy prices in Europe, positions Prospex for expansion with plans to drill eleven new wells across its European concessions in the next two years, facilitating growth in Spain, Italy, and Poland. This strategic move is expected to enhance the company’s market position and provide substantial financial returns, enabling further investment in its portfolio.
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’s strategy involves acquiring undervalued projects with tangible value triggers that can be realized quickly, aiming to rapidly scale up gas production to generate revenues for further development. Prospex currently holds interests in three non-operated, revenue-generating gas investments in Europe, including the Selva Malvezzi in Italy, the El Romeral gas to power plant in Spain, and the Viura Gas Field in Spain.
YTD Price Performance: 38.38%
Average Trading Volume: 1,396,342
Technical Sentiment Consensus Rating: Sell
Current Market Cap: £27.57M
Find detailed analytics on PXEN stock on TipRanks’ Stock Analysis page.
