Opportunity knocks....19 Jul 2023 10:43
- Italian Selva asset; expected to generate €3.6m* to the bottom line net of Vat, Royalties & Taxes from Q3 ‘23 for 5yrs from just 1 well
- Selva gas plant construction complete and Production started, with BP offtake already signed for 18mths
- PXEN own share of entire gas field - the next two targets contain a gross estimate of 10X the initial producing well- drill programme to be planned for next well(s).
- Spanish El Romeral asset in production: circa €1m+ per profit annum to PXEN
- 11 more wells once permit granted in coming months. 3 wells to be drilled immediately.
- Only requires 2 wells at 25,000 scm/d to increase 30% to 100% production @powerstation (potential to increase to €3m+ Rev per annum)
- Spanish Tesorillo asset, once license renewed in ‘23, option to increase 15% to 49.9% ownership for €1.725m
- Other expansion plans around Spanish El Romeral asset to grow PXEN eg. Solar / blue hydrogen. Solar project to increase output by up to 60% investment funding decision due.
- All fully funded from CLNs and cash flow of El Romeral and Selva - no short / medium term raises!
- Broker note 20p - based on 1 Selva field & El Romeral @30% production. Rest not priced in.
- Current mcap 16m / SP 5.65
*Dependent on Gas TTF prices