Business
10-year Licence Extension Granted on El Romeral
10-year Licence Extension Granted on El Romeral.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n25 July 2024\n \nProspex Energy PLC\n(\"Prospex\" or the \"Company\")\n \nSpanish Government Grants 10 -year Licence Extension\non El Romeral Production Concessions\nProspex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce that the Spanish regulatory authority has granted a ten-year extension, to July 2034, to the natural gas production concessions owned by Tarba Energía S.L. (\"Tarba\") known as El Romeral 1, 2 & 3 from which Tarba generates electricity from its own natural gas production.\nThe Royal Decree was signed on 24 July 2024 allowing the Ministry for Ecological Transition and the Demographic Challenge (MITECO) to grant the extension of the natural gas exploitation concessions \"El Romeral 1, 2 and 3\" for ten years, the maximum allowable term, thus guaranteeing electricity supply to the grid until at least July 2034, when the concessions may be extended for a further ten-year period, reaching 2044.\nTarba's electricity production plant in Carmona near Seville was declared a Public Utility by the Andalusian Regional Government at the beginning of 2023 and is the only facility in Spain that converts electricity from natural gas at the same location as the gas is extracted from the subsurface.\nApplications to permit the five well drilling campaign on the concessions is already with MITECO for permitting approval.\nThe El Romeral power plant is operated by Tarba, which is based near Carmona east of Seville in the province of Andalucía, Spain. The El Romeral asset is co-owned through Tarba by Prospex which has a 49.9% working interest and Warrego Energy Limited which has a 50.1% working interest. Warrego Energy is now wholly owned by Hancock Energy (PB) Pty Ltd in Perth Western Australia.\nTarba is pioneering a new hybridisation model that combines natural gas and solar energy as sources for electricity generation in the ecological transition process by developing a project to produce 5MW electricity using photovoltaic solar energy (\"Project Helios\").\nIn 2023, Tarba supplied enough energy to cover the electricity consumption of approximately 6,700 homes in the area, even when operating the facility at one third of its capacity. With fu...