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35.5¢ warrego energy limited

WGO Value Puzzle, page-4

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CaptainBarnacles

11,113 Posts.

682

27/01/22

15:41

Post #: 59165756
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Originally posted by ggwill ↑

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

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cheers @ggwill - certainly looks to be value there - will not pretend I have done DD!

WGO Price at posting: 11.0¢ Sentiment: Buy Disclosure: Held
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WGO Value Puzzle, page-4

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