Warrego Energy Limited (ASX: WGO) is pleased to announce the completion of the acquisition of a 50.1% interest in El Romeral, an integrated gas production and power station operation in southern Spain. El Romeral includes three producing wells that supply gas to a 100% project-owned 8.1MW power station. The acquisition was previously announced to the ASX on 17 December 2019.
The facility is currently exporting electricity to the Spanish grid and the medium term target at El Romeral is to increase on site gas production, and in turn electricity generation, from the current 22% towards the nameplate capacity. In the medium to long term, gas production can be increased via the drilling of new wells targeting already identified development locations and low risk prospects.
Warrego is also evaluating a number of strategic options to unlock shareholder value from its two Spanish assets, El Romeral and Tesorillo, which are close to excellent infrastructure and markets with high demand for gas and power.
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