Prospex Energy PLC - exploration investment company with core investments in Spain and Italy - Pretax loss widens to GBP1.8 million in 2020, from GBP1.3 million the year before amid loss on revaluation of investments widening to GBP1.1 million from GBP473,925 year-on-year. Operating income, meanwhile, rises to GBP247,143 from GBP198,528 and administrative expenses fall 11% to GBP972,193 from GBP1.1 million.
Looks to future progress with flagship projects in Italy and Spain. Says licensing process under way at Spanish onshore gas and power prospect, El Romeral, in which Prospex holds a 50% stake. Predicts production will begin in 2022. Plans to target increased gas and electricity generation at El Romeral, which currently includes three producing wells that supply a 100% project-owned 8.1 megawatt power station.
Anticipates submission of a full production licence for Selva gas field in Italy, in which Prospex holds 17% interest. Expects gas production to begin at Selva in mid-2022, at a maximum rate of 150,000 cubic metres per day.
Non-Executive Chair Bill Smith says: "We have two independent work programmes ongoing, each of which have the potential to generate material revenue streams for Prospex in 2022 and beyond. These revenues will in turn be reinvested in the multiple follow-up opportunities that have been identified on our licences in Italy and Spain to grow the company further and, in the process, build Prospex into a European energy supplier, one with visible and stable earnings and one with a focus on cleaner natural gas."
Current stock price: 2.50 pence, down 5.7% on Friday afternoon
Year-to-date change: up 14%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Prospex Eng (PXEN)