REG - Prospex Energy PLC - Italy: Selva approved to commence gas production

Prospex EnergyAnnouncement

28/06/2023 07:00

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RNS Number : 0824E  Prospex Energy PLC  28 June 2023

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

28 June 2023

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Italy: Selva Field approved to commence gas production

 

Highlights

·    Podere Maiar - 1 has successfully obtained all final approvals for
gas production

·    Completion of safety checks by UNMIG and Fire Department

·    Italian Energy Ministry (MASE) issue final approval

·    The slickline unit has commenced performing well work activities

·    Gas production at PM-1 is set to commence in early July 2023

 

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on
European gas and power projects, is pleased to announce that the final safety
checks conducted by UNMIG and the local Fire Department on the gas facility at
the Selva field in the Po Valley region of northern Italy have been
successfully completed.  Additionally, the Italian Energy Ministry, The
Ministry of Environment and Energy Security ("MASE") has issued formal
documentation, enabling the commencement of production from the Podere Maiar-1
("PM-1") gas facility at the Selva field.

Now that MASE has signed and issued the final approval documentation, a
mandatory 8-day period is required to finalise all administrative matters
before production can begin.  Therefore, the operator of the Selva Malvezzi
production concession, Po Valley Operations Pty Limited anticipates that the
gas production ramp-up at PM-1 will commence in early July 2023.

A slickline unit has been mobilised to the well site and has commenced the
necessary activities to allow gas production to start.

The Company will provide further market updates once production has commenced.

Po Valley Operations Pty Limited, a wholly owned subsidiary of Po Valley
Energy Limited (ASX: PVE), is the Operator of the Selva Malvezzi production
concession with a 63% working interest, while Prospex has the remaining 37%
working interest.

 

Mark Routh, Prospex's CEO, commented:

"We are very pleased that all necessary approvals for gas production at Podere
Maiar - 1 (PM-1) have been successfully obtained.  Following the completion
of thorough safety checks by UNMIG and the Fire Department and the final
approvals by the Italian Energy Ministry, we are now poised to begin
production from the PM-1 well on the Selva field.

 

"Regional flooding issues have delayed final approvals and production, but we
can now say with confidence that we shall see gas production and cash flow
from the asset in the near term.  It is a credit to our partners at Po Valley
Energy and their team on the ground, Po Valley Operations, who have persevered
to make today's announcement possible."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

* * ENDS * *

 

For further information visit www.prospex.energy (http://www.prospex.energy)
or contact the following:

 

 

 Mark Routh                                    Prospex Energy PLC            Tel: +44 (Tel:+44) (0) 20 7236 1177
 Ritchie Balmer                                Strand Hanson Limited         Tel: +44 (0) 20 7409 3494

Rory Murphy
 Jerry Keen                                    Fox-Davies Capital Limited    Tel: +44 (0) 20 3884 7447
 Andrew Monk (Corporate Broking)               VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca/Alex Cabral (Corporate Finance)
 Ana Ribeiro / Susie Geliher                   St Brides Partners Limited    Tel: +44 (0) 20 7236 1177

 

Notes

Prospex Energy PLC is an AIM quoted investment company focussed on high impact
onshore and shallow offshore European opportunities with short timelines to
production.  The Company's strategy is to acquire undervalued projects with
multiple, tangible value trigger points that can be realised within 12 months
of acquisition and then applying low-cost re-evaluation techniques to identify
and de-risk prospects.  The Company will rapidly scale up gas production in
the short term to generate internal revenues that can then be deployed to
develop the asset base and increase production further.

 

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