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That’s what I says in rns 15000 m3 per day and €6 per m3 yes pxog share is 7500m3 to pxog. I don’t know how it works out but we are getting over half a £ million from production. Once salva goes production Italy and Romania will bring around £3 million to pxog per yer.
Re Tesorillo €1725k timing – good point re 2023, perhaps all the more reason to focus on El Romeral and Selva and get the revenue streams established. Having said that, Warrego have previously indicated a 2020 date for drilling, though somewhat caveated in the last presentation by the words ‘dependent on Government approval’! Ed’s latest plan is now showing the well location decision in Q2 and permitting running through Q3/Q4, so perhaps suggests drilling in 2021? This would push back the ‘heavy’ funding pressure to after Selva revenue. Would have thought the updated CPR should be end Q1 / early Q2 though? In the meantime the clock is running down on El Romeral funding, will be watching out for WGO and PVE quarterly updates later this week and anything else out of 'left field'! GLA
As announced on 19 December 2017, Prospex has the option to acquire up to 49.9% of Schuepbach Energy Espania S.R.L., renamed Tarba Energia S.L ("Tarba"), which has a 100% interest in Tesorillo, from Schuepbach Energy International LLC ("SEI") in three tranches. Since the announcement SEI's interest in Tarba has been transferred to Petrel Energy Limited ("Petrel") a shareholder of SEI.
In line with this, PXOG Muirhill Ltd ("Muirhill"), a wholly owned subsidiary of Prospex, entered into a Share Purchase Agreement ("SPA") with SEI to acquire up to 44,910 ordinary shares of Tarba ("Tarba Ordinary Shares"). The shares not acquired are owned by Petrel. The initial purchase of 2,250 Tarba Ordinary Shares was for a consideration EUR48,250. The SPA provided for Muirhill, at its sole discretion to acquire a further and second tranche of 11,250 Tarba Ordinary Shares for a consideration of EUR280,000 by 31 December 2018, which increases Muirhill's total holding to 15% of the entire issued share capital of Tarba. The SPA provides for Muirhill at its sole discretion to acquire a further tranche of 31,410 Tarba Ordinary Shares for a consideration of EUR1,725,000 before the mid-way point of the sixth year of the licence. Purchase of the third tranche of Tarba Ordinary Shares would take Muirhill's total holding to 49% of the entire issued share capital of Tarba. The SPA restricts the issuance of new Tarba Ordinary Shares or options over such shares in the period to acquisition of the third tranche and contains the usual provisions and warranties for an agreement of this nature. We have till 20 23 to pay EUR 1,725,000
The 12/03/19 RNS re Bainet production is possibly slightly ambiguous in the mention of 15,000 M3 per day budgeted production for the JV – but I would take it that this means 7,500 M3 to PXOG. Please someone tell me if you believe the 15,000 M3 is to PXOG, as this clearly makes a big difference. My conversion of the originally mentioned €6 per mcf gives €0.212 per M3, so €1,590 per day (on 7,500 M3) or (say) €47,700 per month before opex and tax. Depending on the contracts with the grid this might be less now as the European gas price has eased off quite a bit. I make it ~€0.15 per M3 based on the link below ... https://ycharts.com/indicators/europe_natural_gas_price If this is now the price, then that would mean revenue of €33,750 per month. On this, over 2019, allowing for price and currency fluctuations, I would guess we’ve been bringing home somewhere between £20k and £30k per month. While probably a bit less than run rate (?), this is still pretty good. (Please DYOR on all the above factors and please also DYO calculations!) On the issue of an SP re-rate, my view is that we need clarity on funding - €375k for 49.9% of El Romeral, €400k for Selva production (page 13 of corporate presentation), and €1725k to go up to 49.9% of Tesorillo. In addition Tesorillo drilling costs are going to be in the low €millions. Would have thought funding El Romeral – for immediate revenue, and Selva for Q4 (?) revenue will be the priority? Resolution of these 2 costs should be imminent? For Tesorillo we need the updated CPR to understand the ‘size of the prize’, running late due to additional G&G work. Again, please DYOR. I remain a positive LTH. GLA
Yes a hell of STRONG BUY Bainet gas production is sold to the local market at current prices of approximately €6 per mcf
Anticipated average flow rate of 15,000 m3/day for budgeting purposes based on more than six months of production.
Based on 15000x 6 = €90000 per day and €90000× 30= €2.7 millions right?
Edward Dawson, Managing Director of Prospex, said, "The majority of the Company's shareholder equity value of £6,349,995 is backed by its 17% interest in the Podere Gallina licence in Italy following the commercial gas discovery there in 2018. During the period, our interest was assigned net 2P reserves of 2.26 bcf and net contingent and prospective resources of 2.40 bcf and 15.56 bcf, respectively in an updated CPR, which also assigned €4.6m (net) to the 2P reserves at the Selva field. Not only did the CPR demonstrate the significant asset backing behind the Company, but also the considerable run room that remains in terms of additional prospects and leads. Following preliminary government approval of a production concession application in January 2019, we are working with our partners to bring Selva into production at an initial rate of up to 150,000 scm/day in 2020, and in the process generate a material revenue stream for the Company.