- Prospex Oil and Gas said it had exercised an option to increase its interest in the Tesorillo project in southern Spain to 15%, up from 2.5%, for around €153k.

The company said the move was in line with its strategy to expose shareholders to onshore and shallow offshore European opportunities, with short timelines to production.

'The decision to increase our interest in Tesorillo to 15% for a net consideration of €153,250 was an easy one,' chairman Bill Smith said.

'With 830 billion cubic feet of gross un-risked prospective gas resources and the presence of an historic gas discovery, Tesorillo is a much larger variant of the fore-deep play which Prospex successfully tested in Romania and in Italy.'

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