Prospex Energy (PXEN) , an investor in European gas and power projects, issued an operational update on its Viura-1B development well in northern Spain. PXEN said Viura field operator HEYCO Energy Iberia (HEI) had advised that production from Viura-1B would be delayed following an unforeseen event during well testing. Prospex owns 7.24% of Viura through its interest in HEI.
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 successfully repaired the well in August 2025, and production was expected to resume shortly thereafter. Today, HEYCO announced a further test-related delay.
HEYCO clarified that a wireline logging tool and its cable were left inside the well tubing during earlier testing. Operations to remove the equipment commenced on September 16, and production should resume once the process is complete.
Initial flowrates from Viura-1B were excellent. From its start-up in December 2024 to the end of Q1 2025, the well produced 30.2 MMscm (1.1 Bcf) of natural gas, with 4.4 MMscm (154 MMscf) net to Prospex. PXEN is accruing 14.5% of production income from the Viura gas field until payback of its capital investment (est. £8m) plus 10% interest thereon.
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Prospex has reported a minor setback in restarting production from its Viura-1B development well, part of the prolific Viura gas field where PXEN has 7.24% interest. During testing, equipment was left in the well tubing that must be safely retrieved before production can continue. As this is a fairly standard procedure, we do not anticipate a long delay before the well is operational again.
The Viura field in northern Spain became Prospex's 3rd producing asset following PXEN's acquisition of 7.5% of Heyco Energy Iberia in August 2024. The asset boosted PXEN's European production by 230%. Initial flowrates from the Viura-1B well were excellent at up to 500,000 scm/d, validating the investment.
Following the acquisition, a further £905k was invested in H1 2025 for 2 more wells - the Viura-3A and Viura-3B, expected in 2026. Recently, another €1.3m was invested in Viura. Currently, the gas field has estimated gross remaining reserves of 90 Bcf (6.5 Bcf net to PXEN), expected to increase upon evaluation of newly drilled horizons.
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. Proceeds from recent fundraising, combined with strong ongoing production revenues, should enable PXEN to fund new wells while maintaining a debt-free balance sheet.
PXEN remains cash generative, with no debt, and well-positioned for further growth.
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