StockMarketWire.com - Oil company Prospex Energy said it had agreed to sell its stake in a Romanian project to H2Oil.

The deal involved the sale of Prospex's 50% interest in the EIV-1 Suceava concession, onshore Romania.

Prospex would receive up to £215,000 in cash in respect of historical debt owed to the company and a nominal consideration for shares, of which 85% of the funds, or £182,650, had already been received.

The sale followed a strategic review of Prospex's portfolio, instigated at the time of the company's acquisition of a 49.9% interest in the El Romeral gas and power project in Spain earlier this year.


At 10:00am: [LON:PXEN] share price was +0.2p at 2.3p



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