rns7 Jan 2020 14:57
Prospex non-executive Chairman, Bill Smith, said, "Thanks to the receipt of this environmental approval, first gas production at Selva remains on course to commence at an initial rate of 150,000 cubic metres per day later this year. At this rate and at current gas prices, Selva will generate significant cash flow that will not only highlight the disconnect that has opened up between our market capitalisation and the value of our assets, but will also free up funds for reinvestment across our asset base. This will soon include the recently announced conditional acquisition of up to a 49.9% indirect stake in El Romeral, an integrated gas production and power station operation located in southern Spain. Comprised of three producing wells which supply gas, through its own network, to a 100%-owned 8.1 MW power station and multiple low risk development opportunities with gross contingent and prospective gas resources of 5Bcf and 90 Bcf respectively, El Romeral, together with Selva coming on stream, promises to generate much high impact newsflow in 2020. I look forward to providing further updates on our progress in the year ahead."
gla