Prospex Energy plc’s partner has received regional approval to begin work for its 3D seismic campaign on the entire Selva Malvezzi production concession area in the Po Valley, Italy.
DRILLING
Po Valley Ltd’s subsidiary will develop the field with four new wells, adding to the Podere Maiar-1 well which produced 7.02 MMscm gas and gross revenue of €2.76 million during Q3 2024, said the company.
Prospex, which holds a 37% working interest, added that the joint venture soon expected a formal decree to allow work to begin.
The operator has completed all preliminary works on the design, planning and permitting and will now start formalisation of the permitting and agreements with landowners.
Drilling is expected to take “no more than three weeks” with funding covered from production income.
Chief executive Mark Routh added: “This new 3D seismic dataset will be acquired and processed early this year in order to optimise the subsurface drilling targets for four planned wells – two development wells into structures classified as contingent resources, North Selva and South Selva, and two exploration wells classified as prospective resources, East Selva and Riccardina.
“These wells, which are targeting a total of 88 bcf gross (33 bcf net to Prospex), are anticipated to receive permits to drill in the second half of 2025.”