Prospex Energy plc has secured 100% ownership of the El Romeral concession following the completed acquisition of its joint venture partner in Tarba Energia S.L.
COMPANY MOVES
The company and Warrego Energy Ltd previously operated through Tarba with a 49.9 and 50.1% share.
In addition to the project located near Carmona in Southern Spain, Tarba holds the Tesorillo and Ruedalabola exploration permits in the Cadiz province.
Prospex is currently awaiting approval to drill five new wells at El Romeral.
The company has also appointed Richard Jameson as its chief operating officer, COO of Tarba and is expected to appoint him as a director of Tarba.
Mr Jameson is a highly qualified engineer with more than 40 years’ experience in the industry.
He is also an existing shareholder of Prospex with 9,757,666 shares, acquired through fundraises, representing 2.42% of the current issued share capital.
Mr Jameson’s initial part-time role will expand as the company continues to grow.
Chief executive officer Mark Routh is currently the sole director of Tarba following the resignation of Dennis Donald who was, until 15 April, Warrego’s representative on Tarba’s board.