https://www.engineeringnews.co.za

Prospex buys into Tesorillo gas project

19th December 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed investment firm Prospex Oil & Gas has agreed to acquire up to a 49.9% interest in the Tesorillo gas project in the Cadiz province, in southern Spain.

Tesorillo contains a known gas discovery, estimated to hold gross unrisked prospective resources of 830-billion cubic feet of gas, upside in excess of two-trillion cubic feet over its two petroleum exploration licences, the Tesorillo and Ruedalabola permits, covberin 38 000 ha.

The acquisition will be carried out in three tranches, comprising of a 2.5% stake for €48 750, effective immediately; the option to buy another 12.50% for €280 000 and the option to buy a further 34.9% for €1.72-million when drilling of a well is due to start.

Prospex's take up of the Stage 2 and 3 options will be based on the results of an upcoming work programme planned by permit owner Schuepbach Energy Espania to further delineate and derisk the project's prospectivity. 

It is envisaged that on acquisition of the third tranche, a drill programme would have been agreed.


The acquisition is in line with the company's strategy to build a portfolio of high impact onshore and shallow offshore European opportunities with short timelines to production. 

This year, the company has acquired interests in three onshore European projects and participated in the drilling of two new wells, both of which have resulted in gas discoveries.

Edited by Creamer Media Reporter

Comments

Latest News

Typical Engen garage
Tribunal approves Vitol’s buyout of Engen
Updated 2 hours 19 minutes ago By: Darren Parker

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.113 0.172s - 156pq - 2rq
Subscribe Now