WGO Value Puzzle, page-3

Good point, thanks! Prospect Energy is up significantly on the LSE (up 70% this year). They are WGO's joint venture partner and own 49.9% of El-Romeral which actually had a significant increase in income. They also have 15% of interest in Tesorillo. Their market cap is still relatively low at AU$19.6 million. However, WGO's Spanish assets are not even reflected in the share price IMO.

'From September to December 2021 gross monthly income from El Romeral has averaged more than €241,000 per month, a significant increase from previous periods due to the high electricity prices in Spain. Indeed, spot prices in excess of €400/MWhr have been seen in Spain, and the average price between September to December 2021 has been more than €180/MWhr. For comparison, from March to August 2021 (when the El Romeral plant was acquired) the price achieved averaged €76/MWhr which translated to average gross monthly income of €93,000 per month'

El Romeral: Income Update - 07:00:05 30 Dec 2021 - PXEN News article | London Stock Exchange (1/12/2021)



Latest info on Tesorillo I could find (27 September 2021)

'· Application to convert Tesorillo into an exploitation concession was submitted to the relevant authorities before Spain's Act 7/2021 on Climate Change and Energy Transition (the "Climate Change Act") came into force.

· Specialist legal advice received by Tarba confirms that applications from existing permits prior to the Climate Change Act coming into force maintain their validity under the new law.

· Tarba's application is being considered by the regulators at a time of significantly rising prices for gas and LNG imports in Spain, which the Board believes should work in the Company's favour.

· The El Romeral exploitation concessions at which Tarba operates its gas to power plant are in force and unaffected by the Climate Change Act.'

RNS Prospex Energy PLC - Tesorillo Project Update - via Vox Markets