Prospex Energy PLC /
Index: AIM / Epic: PXEN / Sector: Oil and Gas
19 June 2024
Prospex Energy PLC
("Prospex" or the
"Company")
Annulment of Italy's Plan of
Areas
Accepted by Italian Ministry of
Environment and Energy Security
Prospex Energy PLC (AIM: PXEN), the AIM quoted
investment company focused on European gas and power projects, is
pleased to note the announcement released by Po Valley Energy
Limited ("Po Valley Energy") (ASX: PVE) confirming that the
annulment of the Plan of Areas (which limited the extent of
hydrocarbon prospecting, exploration and production in Italy) has
not been appealed by the Italian Ministry of Environment and Energy
Security.
Po Valley Operations Pty Limited ("PVO"), a
wholly owned subsidiary of PVE is the operator of the Selva
Malvezzi production concession, which has a 63% working interest,
while Prospex has the remaining 37% working interest.
The announcement is set out below without
material changes.
Start of Po
Valley Energy Ltd announcement
19
June 2024
Po Valley Energy Ltd
(ASX:PVE)
PVE Update on Italy's Plan of
Areas
By means of an update since our Chairman, Kevin
Bailey, addressed shareholders at our Annual General Meeting on 28
May 2024, we would like to inform the market that the annulment of
the Plan of Areas (which limited the extent of hydrocarbon
prospecting, exploration and production in Italy) has not been
appealed by the Italian Ministry of Environment and Energy
Security.
While Po Valley's licence portfolio was
fortunately not materially affected by the Plan of Areas as other
companies had been, the Ministry's decision not to appeal may be
interpreted as another sign of the current Government's commitment
to promote and enable more domestic gas production to address the
serious energy security challenges which Italy, and more broadly
Europe, are facing. We are cautiously optimistic the Government's
policy will enable Po Valley to realise maximum value from its
portfolio of natural gas fields, whilst helping improve Italy's
energy security.
The Company continues to progress the work
programme, including most imminently the design, planning and
permitting of the 3D seismic campaign on the Selva Malvezzi
Production Concession, as outlined at the Annual General Meeting
and looks forward to updating the market further in due
course.
This
announcement was approved for release by the Board of Directors of
Po Valley Energy Limited
End
of Po Valley announcement
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
* * 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
Rory Murphy
|
Strand Hanson Limited
|
Tel: +44
(0) 20 7409 3494
|
|
Andrew Monk (Corporate Broking)
Andrew Raca / Alex Cabral (Corporate Finance)
|
VSA Capital Limited
|
Tel: +44
(0) 20 3005 5000
|
|
Ana Ribeiro / Charlotte
Page
|
St Brides Partners
Limited
|
Tel: +44
(0) 20 7236 1177
|
Notes
Prospex Energy PLC is an AIM quoted investment
company focused 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 Selva Malvezzi Production Concession is in
the Po Valley region of northern Italy. The concession
contains the Selva gas-field as well as exciting exploration and
development 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
Production Concession held via Prospex's two wholly owned
subsidiaries, PXOG Marshall Ltd (17% of the Licence) and UOG Italia
Srl (20% of the Licence).
The Selva Malvezzi Production Concession holds
independently verified 2P gross proven 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 88.2 Bcf of gross
Best Estimate Prospective Resources (un-risked) (32.6 Bcf
net).[1]
An independent Competent Person's Report of the
Podere Gallina Licence which was converted into the Selva Malvezzi
Production Concession at first gas in July 2023, was prepared
by CGG Services (UK) Limited
in July 2022 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.
References:
[1] Source: "Competent Person's Report
Podere Gallina Licence, Italy" prepared by CGG Services (UK)
Limited in July 2022 : https://bit.ly/44VF02A
Glossary:
scm
Standard cubic metres
scm/d
Standard cubic metres per day
MMscm
Million standard cubic metres
Bcf
Billion
standard cubic feet
MMscfd
million standard cubic feet per day
MWh
Mega Watt hour
TTF
The 'Title
Transfer Facility' - a virtual trading point for natural gas in the
Netherlands.