Prospex Energy plc reported first gas on 4 July from the Podere Maiar-1 gas facility at the Selva field within the Podere Gallina licence in the Po Valley region of northern Italy.
POTENTIAL
First gas follows completion of operational and safety inspections and approvals last week at the joint venture project.
Podere Maiar-1 will provide gas directly to the domestic Italian market under an 18-month supply agreement with BP Gas Marketing.
Prospex said that further potential for other projects existed at the Selva Malvezzi production concession.
Chief executive Mark Routh described the start of first gas from the Podere Maiar-1 well as a pivotal milestone in the company’s development.
“We are optimistic additional gas producing wells will be developed within this concession which hosts several lookalike prospective wells and we look forward to updating the market on our progress in this regard.”
“This is a key step in the company’s strategy to become a diversified energy producer with multiple producing assets principally in lower risk, onshore European markets with ready access to infrastructure”.
Po Valley Operations Pty Ltd, a subsidiary of Australian company Po Valley Energy Ltd operates the Selva Malvezzi production concession with a 63% working interest, and Prospex has the remaining 37% working interest.