Prospex Oil and Gas announced on 19 December 2017 that it had reached in an agreement with Schuepbach Energy International to farm in the Tesorillo and Ruedalabola exploration permits in southern Spain by the acquisition of up to 49.9% of Schuepbach Energy Espana, a wholly owned subsidiary of Schuepbach Energy International which holds a 100% interest in both permits. Effective immediately Prospex acquired 2.5% of Schuepbach Energy Espana for a consideration of EUR 48,750 (USD 57,500). A second closing due by 31 December 2018 and corresponding to the acquisition of a further 12.5% in the company for a consideration of EUR 280,000 (USD 330,500) is conditional to the results of a trial magneto-telluric program. Finally, Prospex will acquire another 34.9% of Schuepbach Energy Espana (increasing its stake to 49.9%) for a consideration of EUR 1,725,000 (USD 1,387,800) conditional to the completion of a full magneto-telluric survey and the approval by the authorities of a drilling permit for the Tersorillo-1 exploratory well. Schuepbach Energy and partner Vancast Exploracion were awarded the Tesorillo and Ruedalabola permits on 23 January 2011 for a six years. The adjoining blocks, located along the coast between Gibraltar and Cadiz, were originally covering 620 sq km and 278 sq km respectively. In 2014 the blocks were reduced to 278 sq km for the Tesorillo block and to 102 sq km for the Ruedalabola block. The contracts are suspended since 3 October 2013 pending a decision on the drilling permit related to the Tersorillo-1 well. Prospective resources of up to 2.3 Tcf of gas (High Estimate (P10)) were certified by Netherland, Sewell & Associates. P50 Best Estimate prospective resources were calculated at 830 Bcf of gas.Â  If a discovery is proven commercial, it will have access to a 40â diameter pipeline with excess capacity (Maghreb Trans-Mediterranean Pipeline). The potential location of the Tesorillo-1 well is 3 km from the gas pipeline. Interest in the Tesorillo and Ruedalabola exploration permits is shared between Schuepbach Energy EspaÃ±a SLU (85% - operator) and Vancast Exploracion SL (15%). Pending formal government approval Vancast energy left both permits in 2016.
Spain (Campo de Gibraltar Zone) (It's a petroleum rights. Please summarize by yourself). In IHS database: Tesorillo op. by SCHUEPBACH (85.0%, VANCAST EC 15.0%) to be check.Ruedalabola op. by SCHUEPBACH (85.0%, VANCAST EC 15.0%) to be check.