Prospex Energy sees 230% increase in net production since January 2024
() , an investor in European gas and power projects, issued an operational update on production, development and drilling schedules across its European portfolio of 3 natural gas assets - Viura and El Romeral in Spain, and Selva in Italy. said net production across the portfolio was currently at 86,000 scm/d, representing a 230% increase from January 2024.
At the Viura field in northern Spain where Prospex has 7.24% interest, gross gas production averaged 323,000 scm/d in January 2025, despite the original producing well Viura-1 ST3 being offline. Two new development wells Viura-3A and Viura-3B are targeted to spud in April 2025.
At Selva field in northern Italy where has 37% interest, gross gas production continued to average a steady 80,000 scm/d in January 2025 after the facility ramped up to nameplate capacity in early 2024. The asset now provides a steady income stream for , with revenues up 91% between 4Q23 and 4Q24, supported by consistently rising gas prices during the period.
submitted permit applications for 4 new wells on the Selva concession in December 2024. Drilling is expected to commence in 4Q25/4Q26 after full permits are received and all necessary equipment is procured.
At El Romeral in southern Spain where has 49.9% interest, gross gas production averaged 18,000 scm/d in 4Q24. All the gas was converted to electricity and sold on the hourly spot market, generating an average of c. 1,700 MW throughout the quarter. also reported "significant progress" on permitting for 5 new wells on the concessions. Only 2 of the 5 are needed for the El Romeral power plant to reach its full 8.2 MW capacity (currently at 30%).
View from Vox
Prospex continues to report good progress from its European natural gas portfolio, with rising production from existing assets and new development wells being planned and advanced through the permitting process. 's aggressive growth strategy will see 11 new wells drilled across the 3 concessions over the next 18-24 months. Two have already been fully permitted - the Viura-3A and Viura-3B - with the rest rapidly progressing through permitting.
Given all aforementioned active development across Prospex's European onshore gas investments, we see significant near-term upside within the existing concessions, with contingent and prospective resources being converted into developed producing reserves. should be able to fund the development of the new wells from existing production revenues, though this is dependent on several external factors and fundraising is not being ruled out.
remains cash generative, with no debt, and well-positioned for further growth.
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