Tarba Energia has conditionally agreed to purchase the El Romeral-1, 2 and 3 production concessions from Naturgy subsidiary Petroleum Oil & Gas Espana for EUR750,000 (US$ 836,045), as announced on 17 December 2019. Tarba is a joint venture (JV) between Warrego Energy and Prospex Oil and Gas, currently held on an 85/15 split, however Prospex has an option to increase to 49.9% ownership. Warrego will fund the initial consideration for the El Romeral deal and Prospex has 90 days to decide if it will take up to 49.9% share in the project, subject to refunding Warrego the corresponding proportion of the transaction fee. It is not yet clear if Prospex will also be required to pay additional past costs on other Tarba projects in order to exercise its option to increase to 49.9% in the JV. The concessions cover 311 sq km in Andalucia and within Alentejo-Guadalquivir Basin. The acreage contains an integrated gas production and power station where three wells supply gas (gross 2P reserves of 0.3 Bcf) to an 8.1 MW power station (100% owned). The El Romeral area also includes two development locations and 11 very low risk prospects with gross contingent resources of 5 Bcf and prospective resources of 90 Bcf. On completion of the deal a three well drilling campaign is planned to scale up production with planning and permitting work to begin in H1 2020. The production concessions were awarded in July 1994 for a 30-year period and Naturgy currently operates them with 100% equity, held through Petroleum Oil & Gas Espana SA. Gas Natural Fenosa rebranded as Naturgy in June 2018. 
Spain, El Romeral-1