Prospex Energy PLC El Romeral: Update on plant optimisation project (1056U)
December 01 2021 - 2:00AM
UK Regulatory
TIDMPXEN
RNS Number : 1056U
Prospex Energy PLC
01 December 2021
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
1 December 2021
Prospex Energy PLC
El Romeral: Update on plant optimisation project
Prospex Energy PLC, ('Prospex' or the 'Company') the AIM quoted
investment company (AIM: PXEN) focused on European gas and power
projects, provides an update on the El Romeral plant optimisation
project in southern Spain, in which the Company holds a 49.9%
working interest, through its interest in Tarba Energía.
The plant optimisation programme was delayed by computer
technology supply chain issues which have since been addressed. The
last items of equipment necessary to automate plant operations
arrived to allow the plant automation upgrades to commence on 21
November 2021. After some technical issues were encountered with
the installation of the new control systems and the completion of a
run-in and optimisation programme, the plant upgrades have been
successfully integrated. As a result of these actions the plant
recommenced continuous stable electricity generation on 26 November
2021.
The El Romeral power plant can now be operated 24 hours a day, 7
days a week, switching between the two operational generators as
required. Continuous operations resulting from this system
optimisation project may allow an increase in power generation
income of up to 65%. With the installation of the new remote
monitoring and control systems, the plant can now be run with
reduced manual intervention, thereby also reducing the overhead and
the operational expenditure of the project. In addition to this,
reservoir management is also optimised because a constant flow of
gas from a gas well is preferable to shutting in production every
week as the plant was hitherto not usually operational on a
Sunday.
Mark Routh Prospex's CEO commented:
"Whilst it is frustrating that the global semiconductor supply
shortages delayed the start of this optimisation programme, I am
very pleased to report that the project has now completed safely
and on budget. We will of course continue to monitor the
performance of the plant and the gas reservoirs very closely and
will record the performance statistics of the expected increased
power generation capacity, which I expect to share at the next
operational update."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20 7236
1177
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Capital Tel: +44 (0) 20 7220
Limited 9797
Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Catherine Leftley Ltd 1177
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