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Prospex Energy PLC on Wednesday said that the gas facility at Selva field in Italy has received all approvals needed to start gas production. The investor in onshore and shallow offshore European gas and power projects said that the Italian Energy Ministry has issued final approval. Prospex said Po Valley Operations Pty Ltd now targets an early July start of gas production from the Podere Maiar-1 gas facility at Selva. Po Valley Energy is the operator of the Selva Malvezzi production concession with a 63% working interest, while Prospex owns the remaining 37%. Chief Executive Officer Mark Routh said: ‘Regional flooding issues have delayed final approvals and production, but we can now say with confidence that we shall see gas production and cash flow from the asset in the near term. It is a credit to our partners at Po Valley Energy and their team on the ground, Po Valley Operations, who have persevered to make today’s announcement possible.’ Prospex Energy shares closed up 5.6% to 8.18 pence each on Wednesday in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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