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Prospex Energy PLC - exploration investments in Spain and Italy - Says joint venture partner Po Valley Energy Ltd has signed a construction pact with Italian engineering firm TESI at the Podere Maiar gas field in northern Italy. Says TESI will install a four-inch pipeline connecting Podere Maiar to Italy's gas grid. Prospex Energy says the contract ‘secures development costs and timing at the Podere Maiar field, with construction costs €130,000 less than previously forecast’. Gas producer Po Valley holds 63% of working interest in the Podere Maiar licence, while Prospex holds the remaining 37%.
Prospex says construction is scheduled for completion in the first quarter of 2023, with first gas at the start of the second quarter.
Chief Executive Officer Mark Routh says: ‘Signing the TESI contract is an important step for the joint venture, as it secures both the costs and the schedule to first gas which is now expected by the start of the second quarter of 2023, some three months ahead of previous schedule estimates.’
Current stock price: 5.01 pence, up 2.2%
12-month change: up 89%
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