Josh White Sharecast News
31 Jan, 2025 12:10 31 Jan, 2025 11:32

Prospex reports rise in production from Selva Malvezzi

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Prospex EnergySharecast graphic / Josh White

Prospex Energy

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Prospex Energy reported a significant increase in production and revenue from the Selva Malvezzi production concession in Italy on Friday, with gross revenue for the fourth quarter reaching €3.38m, a 91% rise compared to the final three months of 2023.

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The AIM-traded firm said net revenue to Prospex, which holds a 37% working interest, was €1.25m for the quarter.

Gas production from the Podere Maiar-1 well remained steady, averaging around 80,000 standard cubic metres per day.

Total gross production for the quarter reached 7.323 million standard cubic metres, up from 4.18 million standard cubic metres in the fourth quarter of 2023.

Gas prices also strengthened, with an average weighted sales price of 46 euro cents per standard cubic metres - an 18% increase from the prior quarter.

Drilling applications for four additional wells in the Selva Malvezzi concession were submitted in the third quarter, and related environmental impact studies were filed with the Ministry of Environment and Energy Security in December.

Meanwhile, preparations for a 3D geophysical survey advanced during the quarter, with all environmental approvals secured and final ministerial approval pending.

Operations at PM-1 remained stable, with no significant disruptions or stoppages.

The company said the next slick line operation was scheduled for the first quarter of 2025.

Gas sales from the field continued to be made to BP Gas Marketing.

“I am very pleased to report that Po Valley Energy, the operator of our Selva Malvezzi Production Concession, continues to maintain safe, reliable and efficient operations, ensuring consistent and increasing income,” said chief executive officer Mark Routh.

“Gas prices in Europe remain strong with revenues accumulating well which will facilitate the funding of future development and drilling campaigns.

“With significant progress on permit applications to drill four further wells on the concession, the planned 3D seismic survey is about to receive its final approval and with acquisition imminent, the company's investment in the Selva Malvezzi production concession continues to provide high value to shareholders.”

At 1132 GMT, shares in Prospex Energy were up 0.52% at 7.39p.

Reporting by Josh White for Sharecast.com.

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