Business
Rental of Transformer at El Romeral
Prospex Energy plc announced that its subsidiary Tarba Energía S.L. has secured a rental transformer for the El Romeral gas to power plant in Spain, enabling electricity generation and sales to resume by the end of January 2026. This rental agreement, which required Tarba to waive a €76,000 claim for lost production, is in place until a new, custom-ordered transformer is delivered, expected by Q3 2026. The company also highlighted that permitting for five new natural gas wells at El Romeral, which holds over 90 billion cubic feet of gas, is in its final stages, with potential to significantly increase power plant capacity and supply the gas grid. Disclaimer*
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n22 January 2026\n \nProspex Energy plc\n(\"Prospex\" or the \"Company\")\n \nTarba - Rental Transformer Enables El Romeral Production Re-start\n \nProspex Energy plc (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce that Tarba Energía S.L. (\"Tarba\") has signed a contract for the rental of a transformer at the El Romeral gas to power plant in Andalucía, Spain, enabling the plant to resume electricity generation and sales.\n \nThe transformer is to be delivered on site and installed before the end of January 2026. The rental transformer will be on contract until the delivery of the new electricity transformer which was ordered from a supplier in Spain last November. Tarba is in dialogue with that supplier on the progress of the new build.\n \nMark Routh, Prospex's CEO, commented:\n\"The Company is pleased to have sourced a rental transformer for the El Romeral plant. The transformer, which has an almost unique voltage and power specification is expected to be installed this week allowing Tarba to resume the production of electricity before the end of January.\n \n\"We remain confident in the value and development potential of the El Romeral asset and are pleased that the permitting to drill five new natural gas wells is in its final stages.\n \n\"The El Romeral power plant can reach full capacity from production from just two of the proposed five new wells. Any extra gas from the remaining new wells or any future wells drilled on the concessions will support expansion plans at the power plant as well as the ability to supply natural gas directly to the gas grid. The El Romeral concessions have substantial development potential with more than 90 bcf of gas[1] now owned 100% by Prospex.\n \n\"We will continue to keep shareholders updated on the permitting process. Since we are now in the final stage of receiving the permits to drill these five wells, we have started the process of optimising the funding of the wells by seeking potential debt funding and farm-in partners.\"\n \nRental Transformer Contract\nTarba has been unable to procure a rental transformer which fits the almost unique voltage and power speci...