Business
Q1 2025 Activity Report
Q1 2025 Activity Report.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\nProspex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n2 May 2025\n \nProspex Energy plc\n(\"Prospex\" or the \"Company\")\n \nItaly: Selva Malvezzi Production Concession\n \nQ1 2025 Activity Report\nSteady Gross Production and Revenues\n \nProspex 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 (\"PVE\") (ASX: PVE) of its Q1‑2025 activity report. 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.\n \nGas production and revenues from PM-1 gas facility in the Selva Malvezzi Production Concession\n \n\n\n\n\nPM-1 Production Data\n\n\nMar 2025 Quarter\n\n\n\n\nQ1-2025\n\n\n\n\nAverage gross daily production rate (scm)\n\n\n77,292\n\n\n\n\nQuarterly net (37%) production (MMscm)\n\n\n2,488\n\n\n\n\nWeighted average price (per scm)\n\n\n€ 0.50\n\n\n\n\n37% Revenue net to Prospex ('000)\n\n\n€ 1,235\n\n\n\n\n \nHighlights\n· Steady gas production from the Podere Maiar-1 well at Selva (\"PM 1\") for the quarter averaging 77,292 scm/d continuing to meet predicted levels of production.\n· Robust gas prices with the average weighted gas sales price for the quarter at €0.50/scm due to strong market conditions.\n· Gross quarterly production of 6.724 MMscm of gas (Q4‑2024: 7.323 MMscm), with 2.488 MMscm net to Prospex (Q4‑2024: 2.709 MMscm).\n· Gross revenue for the quarter of €3.338 million (Q4‑2024: €3.38 million), with €1.235 million net to Prospex (Q4‑2024: €1.25 million)\n· PM-1 continues to sell gas to BP Gas Marketing.\n \nBroader Selva Development Program - Multi-well drilling program and 3D geophysical survey\n· Drilling applications for four new wells in the Selva Malvezzi production concession and Environmental Impact Studies were submitted in 2024 with relevant departments. The operator awaits the outcome of these and expects further interaction with the relevant departments within...