Prospex Energy (PXEN ) says gas production has resumed from the Viura-1B well in northern Spain. The operator, HEYCO Energía Iberia (HEI), brought the well back online on Friday 17 October 2025 and is ramping output this week.
The well was restarted on a reduced choke and increased in stages to 120,000 cubic metres per day with 7 cubic metres per day of water by Sunday. Start-up is continuing, with a target plateau of 180,000 cubic metres per day this week.
Prospex owns 7.24% of the Viura field via its 7.5% stake in HEI. Meanwhile, Prospex is accruing 14.47% of production income until payback of its initial capital investment, which is about £8 million, plus 10% annual interest.
In August, wireline pressure and flow monitoring was halted after a pressure-control equipment failure required the safe cutting of the cable in the well. Retrieval operations using equipment mobilised from Aberdeen were completed safely and without incident, allowing production to restart.
The Viura-1B well was originally shut in during April 2025 after a leak was detected in the completion tubing. The tubing was replaced in July and subsequent attempts to reinstate continuous production in August encountered the wireline issue described above.
From start-up in December 2024 to the end of Q1 2025, the Viura-1B well produced 30.2 million standard cubic metres (MMscm), equivalent to 1.1 billion cubic feet (Bcf) – about 4.4 MMscm or 154 million cubic feet (MMscf) net to Prospex.
The Viura acquisition significantly increased Prospex's estimated reserves by 6.5 Bcf (0.18 Bcm) net to Prospex. The Operator's best estimate of recoverable gross remaining reserves at the Viura field is 90 Bcf (2.5 Bcm) and is expected to increase upon further evaluation of the newly drilled horizons. Once the newly reprocessed 3D seismic is reinterpreted it is the Operator's intention to update the reservoir model, gas in place and the reserves for the Viura field.
Prospex Energy’s CEO Mark Routh said: “The resumption of production from the Viura field is very welcome news.”
“The operator safely removed the severed wireline cable from the well with no injuries or safety incidents, enabling recommencement of gas production from the well.
“Prospex' share of production from Viura represents the largest contribution to the Company's portfolio of net production with the associated reinstatement of cashflow being particularly welcome news.”
Find out more in today's video interview with Mark Routh.
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The restart removes a key operational overhang and should restore Prospex’s largest cash generator. With 14.47% of production income accruing until roughly £8 million plus 10% interest is repaid, running close to the 180,000 cubic metres per day target can quickly improve near term cash flow.