REG - Prospex Energy PLC - Italy: Selva Malvezzi – Operational Update

Prospex EnergyAnnouncement

04/12/2025 07:05

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RNS Number : 2461K  Prospex Energy PLC  04 December 2025

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

 

4 December 2025

 

Prospex Energy PLC

("Prospex" or the "Company")

 

Italy: Selva Malvezzi Production Concession - Operational Update

 

Work Programme delivered on Budget and on Time

 

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on
European gas and power projects, is pleased to provide an update from the
Selva Malvezzi production concession in Italy following the publication by Po
Valley Energy Limited ("Po Valley Energy") (ASX: PVE) of an update on
activities. ASX:PVE_Announcement_4Dec2025
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03033213-6A1301526&v=undefined)
.

 

Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of PVE is
the operator of the Selva Malvezzi production concession, which has a 63%
working interest, while Prospex has the remaining 37% working interest.

 

Highlights

·    Successful completion of the 3D geophysical acquisition campaign over
the Selva Malvezzi Concession area in Italy on 27 November 2025.

·    The programme which covered approximately 140 square kilometres will
be instrumental in fine tuning the Joint Venture's four  well development
programme on this concession.

·    3D seismic survey data acquisition commenced on 13 November 2025 and
completed on 27 November 2025 having recorded 5,052 vibration points, with
only three hours of weather standby.  The contractor laid out 8,380 wireless
geophones and used single sweeps from four Vibroseis trucks operating
simultaneously in separate quadrants.

·    The acquired data is being collated and will undergo time-domain
volume processing over the coming months in order to deliver a high-resolution
three-dimensional subsurface model in support of future field development
planning and potential resource upgrades.

·    The Operator will carry out the subsequent interpretation of the data
in-house with results expected to be announced in Q2-2026.

 

Mark Routh, Prospex's CEO, commented:

"I am very pleased to report that Po Valley Energy has completed this
ambitious work programme safely and efficiently.  With the benefit of an
unusually dry November the survey has been completed on budget and ahead of
schedule.

 

"The Po Valley team in Italy are to be congratulated for delivering an
excellent project whilst co-ordinating the two contractors Geofizyka Toruń,
on the data acquisition and Geotec in support of the complex permitting
process throughout every phase of the project.

 

"The processed results will be interpreted in-house by the Po Valley team with
the dual objective of optimising the subsurface drilling targets of the four
new wells to be drilled on the Selva Malvezzi concession and delivering an
upgrade to the certified gas resources."

 

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
 Andrew Monk (Corporate Broking)   VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca (Corporate Finance)
 Neil Passmore                     Hannam & Partners             Tel: +44 (0) 20 7907 8500

 Leif Powis
 Ana Ribeiro / Charlotte Page      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.

About Selva:

The Selva Malvezzi Production Concession is in the Po Valley region of
northern Italy.  The concession contains the Selva gas-field as well as
exciting exploration and development opportunities.  The Podere Maiar-1 well
at Selva was completed in December 2017 and successfully found a commercial
gas accumulation up-dip of the previous wells on the Selva field.  The
Company has a 37% working interest in the Production Concession held via
Prospex's two wholly owned subsidiaries, PXOG Marshall Ltd (17% of the
Licence) and UOG Italia Srl (20% of the Licence).

The Selva Malvezzi Production Concession holds independently verified 2P gross
proven reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI) in Selva, gross
Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further 88.2 Bcf of
gross Best Estimate Prospective Resources (un-risked) (32.6 Bcf net).( 1 )

An independent Competent Person's Report of the Podere Gallina Licence which
was converted into the Selva Malvezzi Production Concession at first gas in
July 2023, was prepared by CGG Services (UK) Limited in July 2022 on behalf of
the joint venture.( 1 )  It attributed a total of 379 MMscm (13.4 Bcf) gross
2P reserves for the Selva redevelopment project.

 

References:

 1  Source: "Competent Person's Report Podere Gallina Licence, Italy" prepared
by CGG Services (UK) Limited in July 2022 : https://bit.ly/44VF02A
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbit.ly%2F44VF02A&data=05%7C01%7Cana%40stbridespartners.co.uk%7Ce27db61066ba4edeed3f08db94f7d5a5%7C48b7268319d344289c4b73cf144d89ed%7C1%7C0%7C638267564391602202%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=glSh9awfUUAreAZfLeRjoo%2FtRCIsIW2TSML5zO%2FUkew%3D&reserved=0)

 

Glossary:

Bcf                      Billion standard cubic feet

MMscm               Million standard cubic metres

MMscfd               million standard cubic feet per day

MWh                   Mega Watt hour

scm                     Standard cubic metres

scm/d                  Standard cubic metres per day

TTF                     The 'Title Transfer Facility' - a virtual
trading point for natural gas in the Netherlands.

 

Qualified Person Signoff

In accordance with the AIM notice for Mining and Oil and Gas Companies, the
Company discloses that Mark Routh, the CEO and a director of Prospex Energy
plc has reviewed the technical information contained herein.  Mark Routh has
an MSc in Petroleum Engineering and has been a member of the Society of
Petroleum Engineers since 1985.  He has over 40 years operating experience in
the upstream oil and gas industry.  Mark Routh consents to the inclusion of
the information in the form and context in which it appears.

 

Appendix

Figure 1 -: Selva Malvezzi Production Concession

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