Prospex Energy PLC Italy: Selva Field Development Update (0629A)
September 21 2022 - 1:02AM
UK Regulatory
TIDMPXEN
RNS Number : 0629A
Prospex Energy PLC
21 September 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
21 September 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Italy: Selva Field Development Update
Po Valley secures rights to land title for Podere Maiar-1 well
site and pipeline procurement
Prospex Energy PLC (AIM: PXEN), the AIM quoted investment
company focused on European gas and power projects, is pleased to
note an announcement made by Po Valley Energy Limited (ASX:PVE)
('Po Valley' or the 'Operator') released on the ASX on Monday 19
September 2022 and provides an update on the Podere Gallina Licence
located in the Po Valley onshore in northern Italy, in which lies
the Selva gas field within the Selva Malvezzi Production Concession
('Selva'). The Company holds a 37% working interest in the Podere
Maiar licence with the Operator holding the remaining 63%.
Highlights
-- Po Valley has approved all payments to secure ownership of
the land for its Podere Maiar well site in Italy's Selva gas
field
-- Italy's Institute of Services for the Agricultural Food
Market ('ISMEA') has accepted Po Valley's application to obtain the
well site land ownership
-- All materials relating to the 1km gas pipeline have arrived on site including the steel pipe
-- Expenditure relating to land titles and pipeline remain within budget
-- Podere Maiar is on track for first gas in early Q2 of 2023
Po Valley announced Monday that it is on track for first gas
from the Podere Maiar-1 well in Italy's Selva gas field after ISMEA
accepted the Company's application to land titles for the well
site.
Po Valley received an official letter from the General Director
of Italy's ISMEA accepting its application for the land as well as
services for the gas pipeline and associated cables. Payment to
secure the land rights is on budget and is being processed
immediately (19 September 2022). Once ISMEA confirms the title, Po
Valley will have complete access and control over the land required
to construct its gas treatment plant and pipeline at the Podere
Maiar-1 well site.
In addition, the 4-inch steel pipe has arrived on site and is
being stored in readiness for construction of the 1km gas pipeline
that connects the Podere Maiar-1 well to the National Gas Grid.
Po Valley continues to progress its application to the National
Mining Office for Hydrocarbons and Georesources ('UNMIG') and to
the Fire Department for approval for its operations and plans to
request UNMIG approval to commence preliminary works on the well
site.
Mark Routh, Prospex's CEO, commented:
"We are extremely pleased that Po Valley has secured the land
ownership at the Podere Maiair-1 well site location and has
purchased the land from several different owners under which the 1
km 4-inch gas export pipeline will be installed to connect the well
to the National Gas Grid. Procurement of the steel pipe and related
equipment for the tie-in work is complete and all materials are now
stored at the well site.
"Pleasingly, Po Valley was able to acquire the land and procure
the materials at or below our original cost estimates, ensuring
that we're on schedule and on budget to achieve first gas in the
early part of the second quarter of 2023. This will secure enhanced
cash-flows from the sale of gas into a high demand market. This is
clearly very good news for shareholders."
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20
7236 1177
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
Rory Murphy 7409 3494
Andrew Monk (Corporate Broking) VSA Capital Limited Tel: +44 (0) 20
Andrew Raca/Alex Cabral (Corporate 3005 5000
Finance)
Colin Rowbury Novum Securities Tel: +44 (0) 20
Jon Belliss Limited 7399 9427
Susie Geliher St Brides Partners Tel: +44 (0) 20
Ana Ribeiro Limited 7236 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company will rapidly scale up gas production
in the short term to generate internal revenues that can then be
deployed to develop the asset base and increase production
further.
About Selva:
The Podere Gallina Licence is in the Po Valley region of Italy.
The licence contains the currently shut--in Selva gas-field as well
as exciting exploration opportunities. The Podere Maiar-1 well at
Selva was completed in December 2017 and successfully found a
commercial gas accumulation up-dip of the previous wells on the
Selva field. The Company has a 37% working interest in the Podere
Gallina licence.
The Podere Gallina Licence holds independently verified 2P gross
reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI) in Selva,
gross Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a
further 91.5 Bcf of gross Best Estimate Prospective Resources (33.9
Bcf net).([1])
An independent Competent Person's Report of the Podere Gallina
Licence was prepared by CGG Services (UK) Limited in January 2019
on behalf of the joint venture.([1]) It attributed a total of 379
MMscm (13.4 Bcf) gross 2P reserves for the Selva redevelopment
project.
The CPR also attributed Best Estimate gross prospective
(un-risked) gas resources of 1,493 MMscm (52.7 Bcf) on the Podere
Gallina Licence in three separate structures.
References:
[1] Source : "Competent Person's Report Podere Gallina Licence,
Italy" prepared by CGG Services (UK) Limited in January 2019
https://bit.ly/3nZNfYf ].
Glossary:
scm Standard cubic metres
MMscm Million standard cubic metres
Bcf Billion standard cubic feet
MMscfd million standard cubic feet per day
Qualified Person Signoff
In accordance with the AIM notice for Mining and Oil and Gas
Companies, the Company discloses that Mark Routh, the CEO and a
director of Prospex Energy plc has reviewed the technical
information contained herein. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 40 years operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
The updated Corporate Presentation for Q3-2022 is available on
the Company's website at https://www.prospex.energy/home/
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