Spanish Partner Warrego RNS28 Jul 2020 08:27
Excerpts from RNS
The State of Emergency in Spain resulting from the COVID-19 pandemic has meant a temporary cessation of activities in relation to Tesorillo.
Tarba continues to maintain an active program of government and stakeholder engagement. After two elections in 2019 (one inconclusive), the Sánchez II Government was formed in January 2020.
Subject to further COVID-19 related delays, Warrego anticipates that the process for drilling approvals and permitting should recommence in 2H 2020.
Decisions on the level of activity to be undertaken by Tarba over the remainder of the year will be made in due course in the light of the evolving COVID-19 situation and the progress of the approvals process.
The State of Emergency has meant that the Spanish Government has been undertaking no official business such as approving permit transfers. The State of Emergency was lifted on 21 June 2020.
We are now awaiting approval of the transfer of licences however, due to the backlog of applications, the likely timing of the approval is yet to be advised.
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.
The El Romeral power station has been run at a minimum level during the pandemic to protect the employees.