Prospex Energy announces imminent production restart at Viura gas field after tubing repair
() , an investor in European gas and power projects, updated markets on its Viura-1B development well in northern Spain. said Viura field operator HEYCO Energy Iberia had advised that production from Viura-1B was to resume imminently.
The Viura-1B well was shut in during April 2025 due to a leak in the completion tubing, which required a rig intervention to restore production. Operator HEYCO has now confirmed that a workover rig to repair the leak is on site and operational, with production expected to resume in the coming days.
Mark Routh, CEO of Prospex, commented: "This is good news from HEYCO that the planned workover is on target to deliver the resumption of production from the Viura field later this month. I will continue to keep shareholders updated with regular progress reports as the well interventions proceed."
View from Vox
A positive announcement from Prospex that its Viura-1B development well in northern Spain is about to resume regular production after being shut in due to a leak in April 2025. The Viura field became Prospex's 3rd producing asset following 's acquisition of 7.5% of HEYCO Energy Iberia (HEI) in August 2024. Initial flowrates from the Viura-1B well were excellent at up to 500,000 scm/d. Following the acquisition, £903k was invested in FY25 for 2 more wells - the Viura-3A and Viura-3B, targeted to spud in 2026.
Prospex currently owns 7.24% of Viura through its interest in HEI. Prospex receives 14.47% of production income from Viura until payback of its initial capital investment (c. £8m) plus 10% p.a. interest thereon. Currently, the gas field has estimated gross remaining reserves of 90 Bcf (6.5 Bcf net to ).
Viura is one of 3 onshore gas fields in Spain, alongside El Romeral where Prospex recently increased its stake to 100%, making it a leading gas producer in the country. Tarba, the operator of El Romeral, used to own 50.1% of the asset before being fully acquired by . The Tarba acquisition also gave full ownership of the Tesorillo and Ruedalabola exploration permits in Cadiz. is waiting on permits for 5 new wells on the El Romeral concession to boost production to 8.2MW, expected in Q4 2025.
Prospex's third European asset is the Selva field in northern Italy where continues to see strong production and revenues, with gross gas production in FY24 totalling 10.2 million scm net to , and gross revenue reaching €3.8m net to at an average price of €0.37/scm. In Q3 2024, filed applications for 4 new wells on the Selva concession. We expect production from the new wells to commence within a year.
Looking ahead, the acquisitions of Tarba Energia and Viura should support significant growth. In total, investors can expect 11 new wells across the 3 concessions to come online within the next 24 months, pending permits. should be able to fund the development of the new wells from existing production revenues, although fundraising is not being ruled out.
Strong production from its 3 assets onshore Europe continues to support 's revenues. The gas explorer ended FY24 debt-free, with over £1.1m in the bank, signaling a sustainable path forward and enabling steady reinvestment in its portfolio.
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