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Annulment of Italy’s Plan of Areas Update
Annulment of Italy’s Plan of Areas Update.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n19 June 2024\n \nProspex Energy PLC\n(\"Prospex\" or the \"Company\")\n \nAnnulment of Italy's Plan of Areas\nAccepted by Italian Ministry of Environment and Energy Security\n \nProspex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to note the announcement released by Po Valley Energy Limited (\"Po Valley Energy\") (ASX: PVE) confirming that the annulment of the Plan of Areas (which limited the extent of hydrocarbon prospecting, exploration and production in Italy) has not been appealed by the Italian Ministry of Environment and Energy Security.\nPo 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.\nThe announcement is set out below without material changes.\n \nStart of Po Valley Energy Ltd announcement\n \n19 June 2024\nPo Valley Energy Ltd (ASX:PVE)\n \nPVE Update on Italy's Plan of Areas\n \nBy means of an update since our Chairman, Kevin Bailey, addressed shareholders at our Annual General Meeting on 28 May 2024, we would like to inform the market that the annulment of the Plan of Areas (which limited the extent of hydrocarbon prospecting, exploration and production in Italy) has not been appealed by the Italian Ministry of Environment and Energy Security.\nWhile Po Valley's licence portfolio was fortunately not materially affected by the Plan of Areas as other companies had been, the Ministry's decision not to appeal may be interpreted as another sign of the current Government's commitment to promote and enable more domestic gas production to address the serious energy security challenges which Italy, and more broadly Europe, are facing. We are cautiously optimistic the Government's policy will enable Po Valley to realise maximum value from its portfolio of natural gas fields, whilst helping improve Italy's energy security.\nThe Company continues to progress the work programme, including most imminently the design, planning and permitting of the 3D seismic campaign on the Selva Malvezzi Production Concession, as outlined at the Annual General Meeting and looks forward to upd...