Prospex Energy, the investment company focused on European gas and power projects, provides an update on the schedule of the flow testing at the Viura-1B development well, which is expected early in December.  The Viura-1B development well which has been drilled by HEYCO Energy Iberia S.L. ("HEI") reached its revised targeted Total Depth ("TD") of 4,500 metres, which is ≈4,100 metres True Vertical Depth ("TVD"), on 21 October 2024 in the 6-inch hole section of the bottom 450 metres of the well.

Prospex owns 7.2365% of the Viura field through its ownership of 7.5% of HEI.  Prospex will receive 14.473% of the production income from the Viura gas field until payback of its initial capital investment from the acquisition in August 2024.

The Viura-1B well is currently being connected to the existing gas processing facilities on site in order to prepare for the imminent flow testing programme, thus immediately generating revenues, with production income expected early in December 2024.  Following flow testing, the well will be placed on long-term production.

As previously reported, the Viura-1B well was deepened by 450 metres in order to appraise the undrilled Utrillas-B formation and assess if it was gas bearing.  Having confirmed the presence of gas-bearing reservoir quality sandstones in the Utrillas-B, the operator completed this interval with a cemented 4½ inch liner.  The flow testing program for the Utrillas B section will be performed during the planned plant shut-down in H2 2025.  

The drilling rig has been moved from the Viura-1B well site location to the produced water disposal well Viura-3 site in order to re-instate its operability to better manage produced water from the existing Viura-1 ST3 production well.

KeyFacts Energy: Prospex Oil and Gas Spain country profile