We would love to hear your thoughts about our site and services, please take our survey here.
RNS 7th November 2023 (excerpt)
Futura Medical plc (AIM: FUM) ("Futura" or the "Company"), the pharmaceutical company developing innovative sexual health products, is pleased to announce that M8 Pharmaceuticals, Inc ("M8") has taken up its rights to extend its licensing agreement from Brazil and Mexico to market MED3000 in a further fourteen countries throughout the Central and South American region.
SPANISH ASSETS
In line with its commitment to unlock value from its Spanish exploration and power generation assets, Warrego is in discussions with various entities interested in acquiring all or part of its holdings in the Tesorillo and El Romeral projects.
EL ROMERAL PROJECT, Seville Region (50.1% ownership of Operator4 and permits)
Integrated gas production and power station operation on 76,600 acres in southern Spain. Three producing wells, 13 prospects and multiple low-cost development opportunities with the potential to significantly increase gas production, electricity generation and revenue.
4 Warrego holds 50.1% of the shares in the Operator of the project, Tarba Energia (Tarba). AIM listed Prospex Energy PLC holds the remaining 49.9% of the shares.
6
Operations
Electricity prices are exceptionally high and have been for some time. The transition to a new governance and management structure has been completed with particular focus on health and safety. A technical committee has been established to assess immediate opportunities to enhance production and to put together a longer-term view of development opportunities with a view to increasing production at a time of high electricity prices. An application to extend the Romeral production licenses was submitted to the regulator.
TESORILLO PROJECT, Cadiz Region (85% ownership of Operator and permits)
Targeting conventional sandstone gas reservoirs in 94,000 acres in Southern Spain. Tesorillo is estimated to contain 830 BCF gross unrisked prospective resources on a best estimate basis5. There are no financial or drilling commitments attached to the permit.
Operations
Warrego continued to liaise with various government agencies to progress drilling approvals and permitting. An application for a production permit for Tesorillo was submitted to the Ministry for approval during the quarter. There are no financial or drilling commitments attached to the permit.
The Contingent and Prospective Resource estimates for the Tesorillo asset referred to were first released to the ASX by the Company on 7 May 2015.
Tesorillo and El Romeral Projects, Spain
• Warrego is in detailed discussions with various entities interested in acquiring all or part of its holdings in the Tesorillo and El Romeral projects.
Posted this morning.
RE: Sounds like things are getting a bit more positive fromToday 12:28
yep - quiet atm.
FYI
Tanzania Energy Budget 2021/2022 document.
Section 140: Beetle-1 mentioned.
140. Mr. Speaker, For the year 2021/22 the Government through PURA will oversee the drilling of one exploration well (Chikumbi-1) in the Ruvuma nursery; one (1) exploration well (1 jump) and one (1) development well (Applause-2) in Ruvu nursery; and one (1) exploration well (Pea****-1) in Mnazi Bay North nursery. PURA will continue with inspections in all areas of natural gas exploration and production in the country. 22, the Government has allocated 1.69 billion shillings in local currency to facilitate the control of high-level petrol. "
Our Spanish Partner Warrego.
ASX/MEDIA RELEASE
1 December 2020
Change of Chief Financial Officer
Warrego Energy Limited (ASX:WGO) (“Warrego” or the “Company”) advises that Mr Jani Surjan, currently Group Financial Controller, has been promoted to Chief Financial Officer with effect from 1 December 2020.
Mr Owain Franks accordingly steps down as Chief Financial Officer effective 1 December 2020. This transition is part of the Company’s Australian focus and is consistent with the opening of a Perth office. Mr Franks remains a senior executive of the Company and can now focus on the Company’s European assets.
No no Tanzania, I intended that message for the AEX message board. I follow Warrego because I am also a shareholder in PXEN. What can I say, the shares I buy seem to require a little patience, but eventually like ARM pay off.
DIRECTORS’ REPORT
Further deferred consideration of €250,000 per well drilled will be due to Petroleum on drilling each of the next three wells. The parties have agreed an economic date commencing July 2019.
The acquisition will complete on the transfer of licences to Tarba which are subject to customary regulatory approval which has not been received by 30 June 2020 and are still pending. Due to the COVID-19 crisis triggering a State of Emergency, the Spanish Government temporarily suspended official business such as approving permit transfers. The State of Emergency was lifted on 21 June 2020 and the Company is awaiting approval of the transfer of licences. Due to the inevitable backlog of applications, the likely timing of the approval is yet to be advised.
Tesorillo (85% ownership of Operator and permits)
The State of Emergency in Spain resulting from the COVID-19 pandemic has meant a temporary cessation of activities in relation to Tesorillo (Tarba is the operator of Tesorillo). Progress was previously delayed due to the time taken to form a government. After two elections in 2019 (one inconclusive), the Sánchez II coalition Government was formed in January 2020 and Tarba has been working with the Ministry for Ecological Transition and the Demographic Challenge (MITECO) to progress matters.
Tarba has continued to maintain an active program of regional government and stakeholder engagement.
Subject to further COVID-19 related delays, Warrego anticipates that the process for drilling approvals and permitting should recommence before the end of 2020.
Decisions on the level of activity to be undertaken by Tarba in the next 12 to 18 months will be made in due course in the light of the evolving COVID-19 situation and the progress of the approvals process.
Spain
El Romeral (acquiring a 50.1% indirect interest)
On 17 December 2019 Warrego announced the acquisition, via its subsidiary Tarba Energía SL (“Tarba”), of a 50.1% indirect interest in El Romeral, an integrated gas production and power station operation located in the Guadalquivir basin in southern Spain. The remaining 49.9% has been acquired by its co-investor in the Tesorillo permit, Prospex Energy plc.
Situated immediately east of Seville, El Romeral comprises three production licences, a 100%- owned 8.1 MW power station supplied by three producing wells, 13 prospects and multiple low-cost development opportunities with the potential to significantly increase gas production, electricity generation and revenue.
Eleven wells have been drilled since the 1950s including seven post-1983 which discovered gas. Three wells are currently producing 150 mscfd net with two shut-in gas wells with low cost workover potential.
The profitable El Romeral power station is currently operating for 16h/d and provides immediate revenues and a low-cost route to commercialisation for future gas discoveries. Up to the declaration of the State of Emergency by the Spanish Government following the COVID-19 outbreak, the project was generating monthly and positive monthly cashflows and revenues via sales to the Spanish electricity grid.
El Romeral contains its own 25 km local gas pipeline connecting the well heads of production sites to the power station. This will provide the infrastructure back bone for any future tie-ins, with the average distance, from infrastructure less than 3.5km.
There is a low cost and rapid route to commercialisation via tie-ins to the Project-owned power station in the later part of 2020 and in 2021 the timing of which is now dependent on the management of the COVID-19 pandemic.
Tarba entered into an Asset Purchase Agreement (“APA”) with Petroleum Oil & Gas España, S.A. (“Petroleum”) in December 2019 to acquire El Romeral for an initial consideration of €750,000.
http://asx.warregoenergy.com/site/showdownloaddoc.
See pages 7&8 for info about our collaboration inSpain.
ASX/MEDIA RELEASE
3 August 2020
Warrego appoints CEO for Australian operations and outlines strategic responsibilities
• Warrego director, David Biggs, appointed to executive role as CEO Australia commencing 1 August 2020, reporting to Group CEO and MD, Dennis Donald
• David Biggs to lead the Perth-based Australian team focused on commercialising the West Erregulla gas field and developing complementary opportunities
• Dennis Donald to co-ordinate group activities, build out European operations and maximise shareholder value from current appraisal and production projects in Spain