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Prospex Energy PLC on Thursday said its subsidiaries and joint venture partner Po Valley Energy Ltd have signed a new gas sales agreement with Bologna, Italy-based utilities company Hera Spa. The Europe-focused gas and power project investor said Po Valley subsidiary Po Valley Operations Pty Ltd, the operator of the Selva Malvezzi production concession, struck the deal alongside Prospex subsidiaries PXOG Marshall Ltd and UOG Italia Srl. Po Valley holds a 63% interest in the production concession, while Prospex holds 17% through PXOG and 20% through UOG. The gas sales agreement will start in October for gas produced from the Podere Maiar facility, replacing the current agreement with BP PLC. Prospex said the agreement is to supply around 28.0 million standard cubic metres of gas, with the option to extend. The gas supply price will be linked to the Italian gas index. ‘We are pleased that Po Valley has secured a new gas sales agreement with Hera Group, a respected energy company with operational headquarters in the Bologna area. This is a significant engagement for both Po Valley and Prospex, strengthening the joint venture’s relationship with the region and demonstrating its commitment to supply locally sourced energy to the community,’ said Chief Executive Officer Mark Routh. ‘The publicly quoted Italian gas index ’IG Index GME’ gas price trades at a premium to the Dutch TTF gas price, so we expect the Selva Malvezzi asset will continue to achieve a premium for its gas sales.’ Shares in Prospex Energy were up 2.0% at 4.69 pence in London on Thursday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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