Prospex Energy PLC El Romeral: Project Apollo On Stream (1712V)
08 Agosto 2022 - 3:00AM
UK Regulatory
TIDMPXEN
RNS Number : 1712V
Prospex Energy PLC
08 August 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
8 August 2022
Prospex Energy PLC
('Prospex' or the 'Company')
El Romeral: Project Apollo On Stream
Prospex Energy PLC (AIM: PXEN), the AIM quoted investment
company focused on European gas and power projects, is pleased to
announce the successful installation of a 41.5 kW array of 83 solar
panels on the roof of the El Romeral power plant, known as Project
Apollo, was completed on 4 August 2022. The Company holds a 49.9%
working interest in El Romeral through its interest in Tarba
Energía S.L. ('Tarba').
Project Apollo powers part of the ancillary services at the
plant, thereby leading to reduced self-consumption and increased
sales of electricity. The cost of installation was less than
EUR50,000 which was financed from existing funds held by Tarba.
Payback from this investment is estimated to be three to four
years. A total of 83 photo-voltaic panels have been installed in
three separate zones on the power plant roof giving a total
installed peak capacity of 41.5 kWh. Project Apollo is expected to
generate 66 MWh in the first year.
Project Apollo will give valuable experience to Tarba in
managing solar plants, which will be useful learning for Project
Helios, the renewable co-generation project via a proposed 5 MW
solar farm adjacent to El Romeral which is at FEED stage.
Connection to the power grid at El Romeral is pre-existing and the
grid network has ample capacity to export increased electricity
output from Project Helios, subject to permitting.
Mark Routh, Prospex's CEO, commented:
"Project Apollo establishes us as an emerging integrated energy
company and reduces our carbon footprint by leveraging an existing
asset to incorporate photovoltaic capabilities. Not only will this
directly result in increased sales of electricity at the El Romeral
power plant, but importantly, it also furthers our ambition to
diversify our power assets as we look to enhance our
conventional/renewable energy ratio. This will be a core pillar of
Prospex's strategy in the future as we balance the immediate and
critical demand contours of domestic gas markets with our
responsibility to provide long-term sustainable power across
Europe.
"Today's news is a significant first step towards achieving this
over-arching strategy and I look forward to providing further news
in this regard over the coming weeks and months."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20
7236 1177
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
Rory Murphy 7409 3494
Andrew Monk (Corporate Broking) VSA Capital Limited Tel: +44 (0) 20
Andrew Raca/Alex Cabral (Corporate 3005 5000
Finance)
Colin Rowbury Novum Securities Tel: +44 (0) 20
Jon Belliss Limited 7399 9427
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ana Ribeiro Limited 7236 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company will rapidly scale up gas production
in the short term to generate internal revenues that can then be
deployed to develop the asset base and increase production
further.
About El Romeral and Tarba
The El Romeral gas and power project in Spain, with gas
production wells supplying gas to an 8.1MW power plant near Carmona
in Southern Spain is owned and operated by Tarba. It is currently
operating at about 30% of its full capacity because Tarba is
waiting on permits to drill further infill wells on the concessions
to increase production. Tarba can now be categorised as a hybrid
energy provider with the successful installation of photovoltaic
panels on the roof of the plant. Prospex owns a 49.9% working
interest in the El Romeral project via Tarba. The remaining 50.1%
working interest is owned by Warrego Energy Limited (ASX:WGO).
Tarba sells electricity generated from the plant on the spot market
in Spain. The El Romeral licences comprise three contiguous
production concessions.
The updated Corporate Presentation for Q3-2022 is available on
the Company's website at
https://www.prospex.energy/home
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