Prospex Oil and Gas is raising £720,000 to fund the purchase of a 49.9% indirect stake in the El Romeral integrated gas and power station project in southern Spain.
The placing shares are being issued at 0.12p each. The directors are investing £140,000. The current share price is 0.13p.
A company jointly owned by Prospex and Warrego Energy Ltd acquired El Pomeral. Prospex will pay Euro374,250 for its share of the purchase price.
El Pomeral has three production licences with three wells supplying gas to a 8.1MW power station. The electricity generation plant is operating at 22% of capacity.
El Pomeral also has other exploration potential. A planning process for a three well drilling campaign will start in the coming months.
Prospex has other gas prospects at Tesorillo in Spain, where some of the cash raised will be invested, and Podere Gallina in Italy. The Podere Maiar-1 well, where it has a 17% interest, should be in production later this year. That would take the number of producing wells to five.
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