Italy Production Concession Update - EIA lodged
Prospex Energy PLC has announced a significant operational update regarding the Selva Malvezzi production concession in Italy, with the filing of an Environmental Impact Assessment with the Ministry of Environment and Energy Security. This assessment supports a four-well drilling program targeting the concession's gas potential, with the existing Podere Maiar 1 well having produced approximately 80,000 Scm/day since July 2023. Processing of 3D seismic data is expected to conclude in July, informing the drilling program planned for 2027, which aims to enhance energy security in the Emilia Romagna region and contribute to Prospex's stakeholders.
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Italy: Selva Malvezzi Production Concession - Operational Update
Environmental Impact Assessment lodged with Italian regulators
Prospex 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 announcement by Po Valley Energy Limited ("Po Valley Energy") (ASX: PVE) of an update on activities.
Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of PVE, is the operator of the Selva Malvezzi production concession and owns a 63% working interest. Prospex holds the remaining 37% working interest.
On Friday, June 26th, PVO filed an Environmental Impact Assessment ("EIA") with Italy's Ministry of Environment and Energy Security ("MASE"). The EIA covers the project to drill, develop and commission four new wells within the Selva Malvezzi Production Concession in the Po Valley Basin in Northern Italy. The four proposed wells are relatively close to the existing Podere Maiar 1 well, which has been in continuous production for three years since July 2023 at approximately 80,000 Scm/day.
Processing of the 3D seismic data, covering approximately 140 square km, is expected to be completed in July, with interpretation work commencing immediately thereafter. The objective of this work is to deliver a high-resolution, three-dimensional subsurface model which will inform the drilling program once Ministry approval is received.
The filing of the EIA is a significant milestone in support of the four-well program, which targets the significant gas potential of the Selva Malvezzi concession. A successful development, connected to the existing SNAM National pipeline located close to the concession, will contribute to the energy security of the Emilia Romagna region of Italy.
Tom Reynolds, Prospex's CEO, commented:
"The filing of the EIA follows months of work by our partner and operator, PVO. The PVO team worked diligently to produce a comprehensive, high-quality submission and I would like to extend my thanks to them. This will allow the Ministry to assess the suitability of these projects promptly. Approval of the EIA will allow Po Valley Energy to begin the ambitious drilling program in 2027, benefiting the Emilia Romagna region of Italy and all our stakeholders.
"Delivery of this milestone takes us another step closer to delivering the full potential from the Selva Malvezzi concession."
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About Selva:
References:
Glossary:
Bcf Billion standard cubic feet
MMscm Million standard cubic metres
MMscfd million standard cubic feet per day
MWh Mega Watt hour
scm Standard cubic metres
scm/d Standard cubic metres per day
TTF The 'Title Transfer Facility' - a virtual trading point for natural gas in the Netherlands.
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