Business
Proposed Acquisition of 100% of Tarba Energía
Proposed Acquisition of 100% of Tarba Energía.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n20 March 2025\n \nProspex Energy plc\n(\"Prospex\" or the \"Company\")\n \nProposed Acquisition of 100% of Tarba Energía and Viura Drilling Schedule Update\n \nProspex Energy plc (AIM: PXEN), the AIM quoted investing company focused on European gas and power projects, is pleased to announce that it has signed a binding agreement to become the sole shareholder of Tarba Energía S.L. (\"Tarba\") by purchasing the entire shareholding that Warrego Energy Ltd (\"Warrego\") holds in Tarba (the \"Warrego Shares\"). Tarba is the company through which Prospex holds its investment in the El Romeral production concessions and associated El Romeral gas-to-power plant situated near Carmona in southern Spain and in the Tesorillo and Ruedalabola exploration permits (currently suspended) in the Cadiz province in southern Spain. \n \nHighlights\n· On completion, Prospex will own a 100% indirect working interest in both the El Romeral asset and the Tesorillo and Ruedalabola exploration permits\n· Total consideration of €652,725\n· Acquisition is being funded entirely by the Company's capital resources\n· Competitive acquisition price equating to US$0.016/mcf or US$0.092/Boe\n· Potential to significantly increase production and revenues on the El Romeral concession once the permits to drill the five new wells are approved\n· This transaction demonstrates further momentum in building the Company's investment strategy in European gas and production\n \nMark Routh, Prospex's CEO, commented:\n\"I am extremely pleased to announce the increased ownership in Tarba, the El Romeral concessions and the related gas-to-power plant in Carmona. Importantly the acquisition is being made using accumulated cash reserves from our investment portfolio and is expected to lead to significantly increased production revenue once the permits to drill the five new wells on the EL Romeral concessions are approved.\n \n\"In terms of prospective gas resources acquired in the El Romeral asset alone, the equivalent price of US$0.092/Boe is an excellent price by almost any measure. Prospex sees further upside in the concessions with further mapped structures to evaluate a...