Prospex Energy plc said it expected a change in fortunes in the new year as its joint venture partner nears construction on the Podere Gallina licence within the Selva gas field in the Po Valley region of northern Italy.
PREPARATIONS
The company holds a 37% working interest in the licence and Australian operator Po Valley Energy Ltd holds 63%.
Po Valley is preparing the tie-in to the Italian energy infrastructure company SNAM’s gas grid before beginning construction of the gas plant and installation of the pipeline on 28 November.
Prospex said that the Podere Maiar-1 well remained on course for first gas in early Q2 2023 and that the operator was in discussions with off-take partners for gas sales.
GAS PRODUCER
Prospex has also taken the final step to be recognised as a gas producer with applications to the Italian authorities for its two subsidiaries in the licence, PXOG Marshall Ltd (17%) and UOG Italia Srl (20%), to be assigned to the Selva Malvezzi production concession.
Chief executive Mark Routh added that the JV partners would sell the gas jointly which will optimise the value of Prospex’s gas sales and provide better value for shareholders.
“We believe that next year will be a transformational year for Prospex as we become a producer of gas in Italy as well as in Spain and very much look forward to keeping shareholders updated on our progress.”
ITALIAN ENERGY SECURITY
The company also noted that the new Government in Italy had renamed the Ministry of Ecological Transition as The Ministry of the Environment and Energy Security.
Prospex added that the new name signalled a change in emphasis and attitude by the Italian authorities towards natural gas.