drilling

Prospex Energy (PXEN) reported interim results for the six months ending June 30, 2024, highlighting the repayment of all interest-bearing debt without raising additional financing, resulting in a reduced loss after tax of £275,000 compared to £888,000 the previous year. The company's cash balance at the end of the reporting period was £11,000, with €795,000 in cash equivalents from non-consolidated investments and joint ventures. PXEN acquired a 7.23% interest in the Viura gas field in Spain, funded by a £4.2 million raise, and is committed to covering 15% of development costs for a 10% coupon and 15% of production income until capital investment is recouped. The Viura field has remaining 2P reserves of 90 Bcf, expected to enhance PXEN's reserves and cash flow. The company also holds a 49.9% interest in the El Romeral field, which has five new wells in the permitting process. At the Selva Malvezzi concession in Italy, PXEN is developing four additional wells and reported revenues of €2.6 million by May 24, 2024, compared to €1.3 million in FY23. The company extended its gas supply contract with BP Gas Marketing for another year. The annulment of Italy's 'Plan of Areas' opens further opportunities for growth in hydrocarbon exploration and production.