Prospex Energy Shares Rise on Italy Field Restart
August 07 2023 - 3:01AM
Dow Jones News
By Ian Walker
Shares of Prospex Energy rose 15% in early trading after the
company said that production has restarted at the Podere Maiar-1
gas facility of the Selva Field in northern Italy after Po Valley
Energy completed ramp-up and commissioning.
Shares at 0715 GMT were up 0.85 pence at 6.60 pence.
The London-listed energy investment company said production at
PM-1 has restarted and is forecast to reach 72,000 standard cubic
meters a day until all data analysis is complete.
It said gas produced during the ramp-up period is estimated at
1.8 million standard cubic meters, all of which has been sold to BP
Gas Marketing under the 18-month supply agreement.
"The final transition to ongoing production at PM-1 is under way
which marks a major milestone for both Po Valley and Prospex. The
ongoing production from PM-1 is an outstanding platform from which
the joint venture can actively pursue the exploration and
development of nearby lookalike wells," Chief Executive Mark Routh
said.
Prospex has a 37% working interest in the site, with the rest
held by PO Valley Energy.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 07, 2023 03:46 ET (07:46 GMT)
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