Prospex Energy (PXEN )
Prospex Energy (PXEN ) has announced a ten year extension of the licence concessions for its Spanish El Romeral project where the company produces natural gas and converts it to electricity. The extension was for the maximum allowable ten years to 2034 and can be extended to 2044. We note the Spanish Government’s quote highlighting the benefits of the extension and its securing electricity supply to the grid for the long-term. This follows the declaration in 2023 of the plant as a Public Utility. Development of a solar strategy supplements power generation from natural gas.