Warrego Energy, which holds 85% of Tarba Energia, announced on 17 December 2019 that it entered into an agreement with Petroleum Oil & Gas Espana (POGESA) for the acquisition by Tarba Energia of the 100% stake held by POGESA in the El Romeral-1, El Romeral-2 and El Romeral-3 production concessions located to the east of Sevilla in the Guadalquivir Basin. The deal involves an initial consideration of EUR 750,000 (USD 837,000) plus further deferred considerations of EUR 250,00 (USD 279,000) for each of the next three wells to be drilled in the concessions. Warrego Energy will fund the initial consideration and Prospex Oil and Gas â the other shareholder in Tarba Energia with a 15% interest â has 90 days to acquire up to 49.9% in the project by funding Warrego Energy accordingly (through the issue of a second class of Tarba shares). The economic date of the deal was set to 5 months before the signature of the deal and the later will enter in force upon the transfer of the license to Tarba Energia by the Spanish authorities (a formal transfer application has yet to be filed by POGESA).  The three blocks, covering a total area of 310 sq km, encompass five one-well Miocene gas fields out of which three - Ciervo 1, Santa Clara 1 and Sevilla 1- are currently in production and two - Rio Corbones 1 and Sevilla 3 - are shut-in with a low-cost workover potential. The gas is converted in electricity by an 8.1 MW power station owned the operator of the license. As per a 2019 independent reserves and resources assessment, the three producing fields hold remaining reserves of 0.3 Bcf. In addition to the five fields, the tracts cover two undeveloped discoveries with 2C contingent resources estimated at 5 Bcf and 13 nearfield prospects identified on 2D seismic and supported by AVO analysis with unrisked prospective resources (2U) estimated at 90 Bcf.  The El Romeral contracts were awarded to group led by Repsol on 28 July 1994. After numerous interest change, Petroleum Oil & Gas Espana became the sole rightholder of the tract in December 2017. The contracts are valid until 2024 and can be renewed twice for a ten-year term. The ultimate expiry date is 28 July 2044.  Subject to regulatory approval, Tarba Energia will hold a 100% interest in the El Romeral-1, El Romeral-2 and El Romeral-3 production concessions.
Warrego Energy, which holds 85% of Tarba Energia, announced on 17 December 2019 that it entered into an agreement with Petroleum Oil & Gas Espana (POGESA) for the acquisition by Tarba Energia of the 100% stake held by POGESA in the El Romeral-1, El Romeral-2 and El Romeral-3 production concessions located to the east of Sevilla in the Guadalquivir Basin. 