Business
Half Year Report
Half Year Report.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0713A\n Prospex Energy PLC\n 25 September 2020\n \n \n \n \n Prospex Energy PLC/ Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n \n \n \n \n Prospex Energy PLC ('Prospex' or the 'Company') \n \n \n Half Year Report\n \n \n \n \n \n Prospex Energy PLC, the AIM quoted investment company, is pleased to announce its unaudited Interim Results for the six months ended 30 June 2020. \n \n \n \n \n \n Advancing a portfolio of late stage, onshore European gas projects that cover the entire energy cycle from exploration and development to production and power generation.\n \n \n \n \n \n Portfolio Overview\n \n \n \n \n \n Podere Gallina Exploration Permit, onshore Italy - first production at Selva gas field ('Selva') at an initial rate of up to 150,000 scm/day expected H1 2021 \n \n \n · \n Progressing permitting process for production concession\n \n \n o \n Formal technical environmental approval for the development of Selva received from the Italian Environment Ministry\n \n \n o \n Next steps include final sign off by Ministerial decree, the issuing of the required INTESA (intergovernmental agreement) and the final grant of a production concession from Italy's Economic Development Ministry \n \n \n · \n Pursuing early discussions regarding non-equity linked funding of Prospex's c. €400,000 share of Selva development costs \n \n \n \n \n \n El Romeral, onshore Spain - acquisition of integrated gas and power project\n \n \n · \n Acquisition of 49.9% interest in El Romeral for net consideration of €375,000, which has been paid \n \n \n o \n Transfer of interest to Prospex's Spanish affiliate ongoing, delayed by COVID-19\n \n \n · \n Multiple low risk opportunities to increase gas production via two development locations with 5 billion cubic feet ('Bcf') of gross contingent resources and 11 prospects with 90 Bcf of gross, un-risked prospective resources with high Chance of Success of >70% (in most cases)\n \n \n · \n Significant scope to increase power generation at plant - power plant currently constrained to operating at c. 22% capacity due to current wells' tail production \n \n \n o \n Full capacity at the plant can be achieved with one successful new well coming on stream\n \n \n o \n Operating at 100% capacity and selling electric...