Prospex Energy (AIM:PXEN) shares moved up 10% on Monday, rising to 3.3p, after announcing a collaboration with IMMAGE to incorporate coring into a subset of wells in its five‑well El Romeral programme.
IMMAGE agrees to commit up to US$1.5m for coring and logging.
Prospex, the AIM‑quoted investment company focused on European gas and power projects, said the five‑well programme is awaiting permits and that the coring is funded by the International Continental Scientific Drilling Program (ICDP).
“This is a mutually beneficial collaboration for both academic research and industry; the additional core and data will significantly increase our understanding of the reservoir geology and support efficient recovery of the energy resource at Romeral,” Tom Reynolds, Prospex’s CEO, said.
IMMAGE aims to recover late Miocene to Pliocene sequences recording Mediterranean‑Atlantic exchange and has completed IODP offshore drilling in late 2023-early 2024, with a Phase‑2 onshore campaign in Spain planned for 2027-28 supported by ICDP.
The immediate next milestone is securing the necessary drilling permits for El Romeral before operations and coring can proceed.
