Prospex Energy has signed a binding agreement to obtain 100% Tarb Energy, thus increasing its share in European gas projects.
The acquisition includes the purchase of the entire Warrego Energy share in Tarba, which holds investment in the EL Romeral production and the related gas-free plants in southern Spain.
Pursuant to the terms of the agreement for shareholders with Warrego, Prosphex, through its subsidiary PXOG Muirhill, exercised its regulation right to purchase shares of Warrego.
This right was caused by an agreement on the sale and purchase of shares between Warrego and third -party buyers.
Warrego's acquisition price is EUR 652,725 ($ 709,205), with EUR 100,000 payable after approval for three out of five holes according to regulatory review.
Prospex will finance the acquisition using existing money sources and must complete the transaction by April 19, 2025.
Prospex CEO Mark Routh said: “I am extremely pleased to announce increased ownership in Tarbo, uniform concessions and related gas-power plants in the Cert.
“As regards potential gas sources, obtained only in the EL Romeral asset, equivalent price of $ 0.092/BOE [barrel of oil equivalent] It is an excellent price in almost any degree. The Propex sees in the concessions further up with other mapped structures to evaluate and drill as soon as the first five holes are allowed and drilled. ”
In addition, the buyer must pay Warrego 5% gross prevailing license fees for future Tesorillo project.
The purchase price, which coincides with the offer of third parties, reflects an independent derived value for asset.
Currently, El Romeral Asset represents 10% net production of Prospex. After the acquisition, it will represent approximately 20% of the increased net production of the company.
Other assets of Prospex include the Viura field in northern Spain and Selva Malvezzi in Italy.
Drill operations in the Viura gas field operated by Heyco Energy are delayed by six to eight weeks.
The operation is expected to start in May 2025 for operational reasons.
“Prospex Energy to obtain shares of Warrego Energy in Tarba Energy” was originally created and published by a company Offshore technologyGlobaldata brand.
