Prospex Energy (PXEN ) reported that initial flow tests at the Viura-1B well in northern Spain demonstrated strong deliverability, while the restart of production is delayed due to technical and equipment issues. The workover was completed without a coil tubing unit, delivering material cost savings.
The Operator, HEYCO Energia Iberia (HEI), performed a short flow test that confirmed the well and reservoir are operating successfully after the intervention. Test rates reached 100,000 standard cubic metres per day (scm/d) - on a 10% choke, and 200,000 scm/d - on a 25% choke. Both tests produced dry gas with no water from the topmost section of the Utrillas-A reservoir, meeting a key objective of the workover.
As advised on 31 July 2025, the production tubing in Viura-1B has been replaced. However, sourcing and implementing additional equipment are delaying the return to continuous production, and the timing of the restart is currently unknown. HEI is working urgently to resolve the issues.
Prospex holds an effective 7.24% interest in the Viura field through its 7.5% stake in HEI. The company is accruing 14.47% of production income until payback of about £8 million plus 10% per annum interest.
Viura-1B was shut in during April 2025 following a tubing leak. From start-up in December 2024 to the end of the first quarter of 2025, the well produced 30.2 million scm of gas, with about 4.4 million scm - net to Prospex.
The operator’s current best estimate of recoverable gross remaining reserves at Viura is 2.5 billion scm - which may be revised following reinterpretation of newly reprocessed 3D seismic.
“These initial tests confirm the potential to deliver first-class flow rates from the Viura field. While equipment availability has introduced a delay, we are confident the Operator is working to bring Viura-1B back into safe, continuous production,” said Prospex CEO Mark Routh.
View from Vox
The flow-test outcomes are encouraging and underscore reservoir quality and well deliverability at Viura-1B. The near-term risk is timing uncertainty around the restart, yet Prospex’s enhanced cash accrual at 14.47% until payback is encouraging. A restart date and any reserve updates after seismic reinterpretation will be the key catalysts.