Prospex Energy PLC Appointment of VSA Capital as Corporate Broker (5147K)
06 May 2022 - 4:01PM
UK Regulatory
TIDMPXEN
RNS Number : 5147K
Prospex Energy PLC
06 May 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
6 May 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Appointment of VSA Capital as Corporate Broker
Prospex Energy PLC, the AIM quoted investment company focused on
European gas and power projects, is pleased to announce the
appointment of VSA Capital Limited ('VSA Capital'), effective
immediately, as Joint Financial Adviser and Joint Corporate Broker
to the Company.
As part of an enhanced package of services VSA Capital will,
among other things, initiate research on Prospex, with periodic
updates on corporate developments and assist with the Company's
market communications.
VSA Capital is acting in a Joint Corporate Broker capacity
alongside Novum Securities Limited.
Mark Routh, Prospex's CEO, commented:
"We are extremely pleased to be taking on VSA Capital as our
joint corporate broker and joint financial adviser. VSA Capital
will provide the Company with an enhanced package of services
including the preparation of an analyst's research note on the
Company for our existing and potential investors.
"VSA Capital will also provide Prospex with invaluable market
intelligence and specialist financial advice in the energy and
resources sector, generally enhancing the Company's investor
relations and market reach. I am excited to be working closely with
the team at VSA Capital in the coming months as we transition to
increase natural gas production in the near term from our existing
asset portfolio in both Italy and Spain."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20
7236 1177
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
Rory Murphy 7409 3494
Andrew Monk (Corporate Broking) VSA Capital Limited Tel: +44 (0) 20
Andrew Raca/Alex Cabral (Corporate 3005 5000
Finance)
Colin Rowbury Novum Securities Tel: +44 (0) 20
Jon Belliss Limited 7399 9427
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ana Ribeiro Limited 7236 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company will rapidly scale up gas production
in the short term to generate internal revenues that can then be
deployed to develop the asset base and increase production
further.
About El Romeral and Tarba
The El Romeral gas and power project in Spain, with gas
production wells supplying natural gas to an 8.1MW power plant near
Carmona in Southern Spain is owned and operated by Tarba Energía SL
('Tarba'). It is currently operating at about 20% of its full
capacity because Tarba is waiting on permits to drill further
infill wells on the concessions to increase production. Prospex
owns a 49.9% working interest in the El Romeral project via Tarba.
The remaining 51.1% working interest is owned by Warrego Energy
Limited (ASX:WGO). Tarba sells electricity generated from the plant
on the spot market in Spain. Current spot market prices have
reached all-time highs in recent months. The El Romeral licences
comprise three contiguous production concessions.
About Selva:
The Podere Gallina Licence is in the Po Valley region of Italy.
The licence contains the currently shut--in Selva gas-field as well
as exciting exploration opportunities. The Podere Maiar-1 well was
completed in December 2017 and successfully found a commercial gas
accumulation up-dip of the previous wells on the Selva field. The
Company now has a 37% working interest in the Podere Gallina
licence.
The Podere Gallina Licence holds independently verified 2P gross
reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI), gross
Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further
91.5 Bcf of gross Best Estimate Prospective Resources (33.9 Bcf
net).
An independent Competent Person's Report of the Podere Gallina
Licence was prepared by CGG Services (UK) Limited in January 2019
on behalf of the joint venture.([1]) It attributed a total of 379
MMscm (13.4 Bcf) gross 2P reserves for the Selva redevelopment
project.
The CPR also attributed Best Estimate gross prospective
(un-risked) gas resources of 1,493 MMscm (52.7 Bcf) on the Podere
Gallina Licence in three separate structures.
References:
[1] Source : "Competent Person's Report Podere Gallina Licence,
Italy" prepared by CGG Services (UK) Limited in January 2019
https://bit.ly/3nZNfYf ].
Glossary:
scm Standard cubic metres
MMscm Million standard cubic metres
Bcf Billion standard cubic feet
Qualified Person Signoff
In accordance with the AIM notice for Mining and Oil and Gas
Companies, the Company discloses that Mark Routh, the CEO and a
director of Prospex Energy plc has reviewed the technical
information contained herein. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 40 years operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
The updated Corporate Presentation for Q2-2022 is available on
the Company's website at https://bit.ly/3vhTXwL .
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END
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