Business
El Romeral: Well Workover & Optimisation Contracts
El Romeral: Well Workover & Optimisation Contracts.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6469N\n Prospex Energy PLC\n 01 October 2021\n \n \n \n \n Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n 1 October 2021\n \n Prospex Energy PLC\n \n El Romeral - Well Workover and Optimisation Contracts\n \n Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted investment company (AIM:PXEN) focused on European gas and power projects, is pleased to announce that its joint venture company Tarba Energía S.L. (\"Tarba\") has contracted the well intervention work and a programme for system optimisation and automation at its gas to power project at El Romeral in Southern Spain (\"El Romeral\").\n \n Upon success, the well workover has the potential to increase gas production by up to 15,000 cubic metres per day to 27,000 cubic metres per day and would allow the subsequent start-up of a second generator to double electrical output. In addition, as described below, the system optimisation project is expected to boost income from power generation by up to 65%.\n \n Highlights\n \n · Contracts committed on 30 September 2021 with Dajan Well Services S.r.l. for the well workover project.\n \n · The gross budget of €89,000 for the well workover has increased to €103,000 which has been fully approved by Tarba, the operator of the plant, to cover the costs of extra equipment to meet HSE commitments.\n \n · The workover remains on schedule for the week commencing 18 October 2021.\n \n · Contract also committed with Power Solution Iberia S.A. (\"PSI\") to automate plant operations to allow continuous operation of the generators. The work will be executed during the planned plant shut down in October. The approved budget for the work being carried out by PSI is €71,000.\n \n · Contract already committed with Reda Oilfield UK Ltd. for the foaming surfactant chemicals which are necessary to allow removal of produced formation water from the tubing.\n \n The Company has a 49.9% interest in El Romeral through its interest in Tarba. The gross budget for the well intervention work is €103,000, comprising €79,000 for the well intervention and €24,000 for data acquisition. Tarba has committed to increase the gross budget for the intervention work by €14,000 from €65,000 to €79,000 to cover the cost of mobilising...