Prospex Energy PLC Italy: Selva approved to commence gas production (0824E)

TIDMPXEN

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 or contact the following:

 
Mark Routh                           Prospex Energy      Tel: +44 (0) 20 7236 
                                      PLC                                1177 
Ritchie Balmer                       Strand Hanson       Tel: +44 (0) 20 7409 
 Rory Murphy                          Limited                            3494 
                                     ------------------  -------------------- 
Jerry Keen                           Fox-Davies          Tel: +44 (0) 20 3884 
                                      Capital Limited                    7447 
                                     ------------------  -------------------- 
Andrew Monk (Corporate Broking)      VSA Capital         Tel: +44 (0) 20 3005 
 Andrew Raca/Alex Cabral (Corporate   Limited                            5000 
 Finance) 
                                     ------------------  -------------------- 
Ana Ribeiro / Susie Geliher          St Brides Partners  Tel: +44 (0) 20 7236 
                                      Limited                            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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June 28, 2023 02:00 ET (06:00 GMT)

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