Prospex gets Italian approval for Selva Gas Field purchase

European energy investor Prospex announced on Thursday that it has received approval from the Italian Ministry of Ecological Transition for the change of control of 100% of UOG Italia from United Oil and Gas to Prospex.

The AIM-traded firm said the approval was officially received on 4 April, after close-of-business.

It said the change of control was the final condition stipulated in the sale-and-purchase agreement with United Oil and Gas to conditionally acquire a further 20% working interest in the Podere Gallina Licence.

The licence contains the Selva Gas Field in the Po Valley region of Italy, and was signed on 9 August last year.

“Completion of the acquisition will occur when the deed of transfer is legally executed and funds are transferred to United Oil and Gas to pay for the remainder of the acquisition cost, at which point a further announcement will be made,” the Prospex board said in its statement.

At 1529 BST, shares in Prospex Energy were down 3.23% at 4.5p.