Prospex Energy PLC (AIM: PXEN), an AIM quoted investment company focused on European gas and power projects, announced the successful completion of the final safety checks conducted by UNMIG and the local Fire Department at the gas facility in the Selva field, located in the Po Valley region of northern Italy.
Furthermore, the Italian Energy Ministry, The Ministry of Environment and Energy Security (“MASE”), has issued the necessary formal documentation, allowing the commencement of production from the Podere Maiar-1 (“PM-1”) gas facility at the Selva field.
Following the issuance of the final approval documentation by MASE, an obligatory 8-day administrative period is required to finalize all necessary matters before production can officially begin. Po Valley Operations Pty Limited, the operator of the Selva Malvezzi production concession, anticipates that the gas production ramp-up at PM-1 will commence in early July 2023.
A slickline unit has already been mobilized to the well site and has initiated the required activities to facilitate the start of gas production.
Prospex Energy PLC, with a 37% working interest, is partnered with Po Valley Operations Pty Limited, a wholly owned subsidiary of Po Valley Energy Limited (ASX: PVE), which holds a 63% working interest in the Selva Malvezzi production concession.
Mark Routh, CEO of Prospex Energy, expressed his satisfaction with the necessary approvals for gas production at the PM-1 well. He acknowledged the completion of thorough safety checks by UNMIG and the Fire Department, as well as the final approvals from the Italian Energy Ministry. Routh stated, “We are now poised to begin production from the PM-1 well on the Selva field.”
Routh also noted that regional flooding issues had caused delays in final approvals and production. However, with the necessary authorizations in place, the company expects gas production and cash flow from the asset in the near term. He commended the efforts of their partners at Po Valley Energy and their team on the ground, Po Valley Operations, for their perseverance in making this announcement possible.
Prospex Energy PLC looks forward to providing further market updates once production has commenced at the Selva field.
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