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Prospex Energy PLC said on Monday gas production has resumed from the Viura-1B well in the Viura gas field, Spain. The Viura field operator HEYCO Energia Iberia SL brought the well back into production on Friday last week after it shut in April following the detection of a leak in the completion tubing. Shares in Prospex climbed 14% to 4.66 pence on Monday afternoon in London. The Europe-focused gas and power project investor said start-up is ongoing with the target of reaching 180,000 cubic metres per day plateau production this week. Prospex said an unforeseen issue whilst preparing to monitor the well’s pressures and flow rates meant the well’s production could not restart in August. The company said the issue required the associate cable to be cut while still inside the well and operations to retrieve equipment. Prospex owns 7.2% of the Viura field through its ownership of 7.5% of HEI. Prospex is accruing 15% of the production income from the Viura gas field until payback of its initial capital investment, expected to be approximately £8 million, and the accrued 10% per annum interest thereon. Chief Executive 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.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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