London, 07 August, 2023, (Oilandgaspress) – Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to announce that Po Valley Energy Limited (“Po Valley Energy”) (ASX: PVE) has successfully completed the ramp-up and commissioning process at the Podere Maiar-1 (“PM-1”) gas facility of the Selva Field.
Po Valley Operations Pty Limited (“PVO”), a wholly owned subsidiary of Po Valley Energy, is the Operator of the Selva Malvezzi production concession with a 63% working interest, while Prospex has the remaining 37% working interest.
Highlights
· The four-week ramp-up and commissioning programme at the PM-1 production facility was completed during the week ending 4 August 2023
· A seamless ramp-up and commissioning process has concluded with slick line rig removal of data gathering memory gauges from the lower C2 production zone as part of a three-day scheduled shut down
· Production at PM-1 has recommenced with forecast daily production levels of 72,000 standard cubic metres per day (scm/d) until all data analysis is complete
· Gas produced during the ramp-up period is estimated to be approximately 1,800,000 scm with 100% of this gas sold to BP Gas Marketing under the 18-month supply agreement
· Detailed analysis of well data is currently underway with results expected within three weeks
· Further upside potential at the Selva Malvezzi Production Concession (Figure 3), as Po Valley Energy, the operator, intends to advance other projects within the concession.
Mark Routh, Prospex’s CEO, commented:
“I am very pleased that Po Valley Energy has completed the ramp-up and commissioning process at the PM-1 gas facility of the Selva field. The final transition to ongoing production at PM-1 is underway which marks a major milestone for both Po Valley and Prospex. The ongoing production from PM-1 is an outstanding platform from which the Joint Venture can actively pursue the exploration and development of nearby lookalike wells.
“I would also like to take the opportunity to congratulate Po Valley Energy and their team on the ground, for the highly effective management of the start-up phase of the PM-1 gas facility during July. The necessary and prudent data acquisition programme of downhole pressures and temperatures has been completed and will be analysed in order to develop the optimum ongoing production strategy.
“We have now delivered a key step in the Company’s strategy to become a diversified energy producer with multiple producing assets principally in lower risk, onshore European markets with ready access to infrastructure. We are proud to be supporting the European Energy sector with producing assets in both Italy and Spain and look forward to updating shareholders on our continued progress.”
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