Business
Italy: Selva approved to commence gas production
Italy: Selva approved to commence gas production.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n28 June 2023\n \nProspex Energy PLC\n('Prospex' or the 'Company')\n \nItaly: Selva Field approved to commence gas production\n \nHighlights\n· Podere Maiar - 1 has successfully obtained all final approvals for gas production\n· Completion of safety checks by UNMIG and Fire Department\n· Italian Energy Ministry (MASE) issue final approval\n· The slickline unit has commenced performing well work activities\n· Gas production at PM-1 is set to commence in early July 2023\n \nProspex 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.\nNow 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.\nA slickline unit has been mobilised to the well site and has commenced the necessary activities to allow gas production to start.\nThe Company will provide further market updates once production has commenced.\nPo 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.\n \nMark Routh, Prospex's CEO, commented:\n\"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 Itali...