Business
Signing Gas Sales Agreement with Hera Group
Prospex Energy plc (AIM: PXEN) announces that its subsidiary, along with joint venture partners, has signed a 12-month gas sales agreement with Hera Trading S.r.l. The agreement, starting October 1, 2025, covers approximately 27.963 million standard cubic metres of gas from the Podere Maiar-1d well in Italy. The gas price will be linked to the Italian Gas Index (IG INDEX GME), replacing a previous agreement with BP Gas Marketing. The Podere Maiar-1d well has already produced approximately 54.4 million standard cubic metres of gas since July 4, 2023. The agreement includes a provision for discussion regarding a potential extension of the contract at least 30 days prior to its expiry on October 1, 2026. Prospex holds a 37% interest in the Selva Malvezzi production concession through its subsidiaries, PXOG Marshall Limited and UOG Italia Srl. Disclaimer*
About this update from Prospex Energy Plc
[{"type":"text","content":"\n\n \nProspex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas\n \n21 August 2025\nProspex Energy plc\n(\"Prospex\" or the \"Company\")\n \nProspex and Po Valley sign Gas Sales Agreement with Hera Group\n \nProspex Energy plc (AIM: PXEN), the AIM quoted investing company focused on European gas and power projects, is pleased to announce that Po Valley Operations Pty Limited (PVO), a wholly owned subsidiary of Po Valley Energy Limited (ASX: PVE) and operator of the Selva Malvezzi production concession, together with its JV partners, PXOG Marshall Limited (PXOG) and UOG Italia Srl (UOG), have signed a new gas sales agreement (GSA) with Hera Trading S.r.l. (Hera Group).\n \nPVO is the operator of the Selva Malvezzi production concession under a Joint Operating Agreement (JOA) and holds a 63% interest with Prospex's subsidiaries holding 17% through PXOG Marshall Limited (PXOG) and 20% through UOG Italia Srl (UOG).\n \nHighlights\n· Selva Malvezzi Joint Venture signs a new GSA with Hera Trading to supply gas from its Podere Maiar-1d well facility in Italy\n· 12-month contract commencing 1 October 2025 to supply approximately 27.963 million standard cubic metres of gas, with the option to extend\n· Gas supply price will be linked to the Italian Gas Index (IG INDEX GME)\n· Podere Maiar-1d has delivered ≈54.4 million standard cubic metres of gas from the C2 level in the well to date since first gas on 4 July 2023\n \nHera Trading, a group entity headed by Hera S.p.A, with operational headquarters in the Bologna province (Emilia Romagna region), offers the Joint Venture the opportunity to collaborate with a local business and strengthen engagement with the local community. Hera is a major Italian multi-utility company listed on the FTSE MIB, Borsa Italiana's main Index, which includes the 40 largest stocks by capitalisation, liquidity and trading volume.\n \nThe GSA with Hera will commence on 1 October 2025 for gas production from the Podere Maiar facility (PM-1d well) in the Selva Malvezzi production concession, replacing the current GSA with BP Gas Marketing which expires on 1 October 2025. The GSA was agreed following a competitive tender process, with local player Hera Trading emerging as the successf...