Prospex Energy plc has received €280,090 net owed performance bonds from the Italian state for completing the gas pipeline tie-in from the Selva gas field joint venture in Po Valley, Italy.
AGREEMENT
Project operator Po Valley Operations Pty Ltd (PVO) holds 63% and Prospex has a 37% working interest.
PVO recovered gross performance bonds of €757,000 previously deposited with the Italian national transmission system operator SNAM.
The return of the bonds also follows completion of the gas sales agreement and transportation arrangements.
FIRST GAS
Prospex said that severe flooding throughout the Emilia Romagna Ministry had delayed final inspection, ministry approval and first gas from the Podere Maiar-1 well.
“The anticipated flow of gas from Selva by the end of May has been delayed on account of the emergency situation in the Emilia Romagna region of the Po Valley, where the emergency services are fully focused on dealing with the catastrophic flooding in the area,” added chief executive officer Mark Routh.
“Fortunately, the new plant and the well site has not been affected by the flooding.
“The operator has been assured that the necessary inspections by the fire department will take place as soon as resources become available.”
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