TIDMPXEN
RNS Number : 2112A
Prospex Energy PLC
19 January 2024
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
19 January 2024
Prospex Energy PLC
("Prospex" or the "Company")
Italy: Selva Field Development
Optimal flow rates confirmed at Podere Maiar-1 Gas Well Site
Prospex Energy PLC (AIM: PXEN), the AIM quoted investment
company focused on European gas and power projects, is pleased to
provide an operational update from the Podere Maiar-1 ("PM-1") well
site of the Selva field, which is operated by Po Valley Operations
Pty Limited ("PVO"), a wholly owned subsidiary of Po Valley Energy
Limited ("Po Valley Energy") (ASX: PVE).
Po Valley Energy has a 63% working interest of the Selva
Malvezzi production concession, while Prospex has the remaining 37%
working interest.
Highlights
-- After six months of strong gas production, PVO has confirmed
that the well is continuing to perform as expected.
-- The commissioning and testing period undertaken by PVO has
defined optimal well performance and PVO has confirmed that the
testing was successfully undertaken at various production
levels.
-- Slick line work programmes have been completed to monitor
well behaviour and any accumulation of debris.
-- Production volumes testing will continue over the next four
weeks at 78,000 scm/d to 80,000 scm/d to be followed by another
slick line operation programme before a long-term flow rate is
set.
-- This confirmatory period allows the PVO team to determine the
optimal flow rate to ensure no debris accumulation and to establish
the most efficient rate of production for the long term. As a
precaution, a Surface Sand Detector is expected to be installed
which will provide added protection to the gas plant.
-- Further upside potential at the Selva Malvezzi production
concession is advancing at pace, with the operator progressing
agreements with local landowners and the permitting process with
the regulatory authorities in order to deliver the drilling
programmes at Selva North, South and East.
Mark Routh, Prospex's CEO, commented:
"The operator of our Selva Malvezzi production concession, Po
Valley Energy, is continuing with the diligent monitoring and
maintenance of the well performance and production facilities to
ensure a safe and reliable income stream from the asset.
"Prospex is working together with the Po Valley Energy team and
using the production income to progress the necessary activities to
secure the development drilling programmes for the contingent
resources at Selva North and Selva South and, for the target of
converting prospective resources at East Selva into proved,
developed and producing reserves in the near term.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20
7236 1177
Ritchie Balmer Strand Hanson Limited Tel: +44 (0) 20
Rory Murphy 7409 3494
Lional Therond / Daniel Fox-Davies Capital Tel: +44 (0) 20
Fox-Davies Limited 3884 8450
Andrew Monk (Corporate VSA Capital Limited Tel: +44 (0) 20
Broking) 3005 5000
Andrew Raca / Alex Cabral
(Corporate Finance)
Ana Ribeiro / Susie Geliher St Brides Partners Tel: +44 (0) 20
Limited 7236 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company will rapidly scale up gas production
in the short term to generate internal revenues that can then be
deployed to develop the asset base and increase production
further.
About Selva:
The Podere Gallina Licence is in the Po Valley region of
northern Italy. The licence contains the Selva gas-field as well as
exciting exploration and development opportunities. The Podere
Maiar-1 well at Selva was completed in December 2017 and
successfully found a commercial gas accumulation up-dip of the
previous wells on the Selva field. The Company has a 37% working
interest in the Podere Gallina licence held via Prospex's two
wholly owned subsidiaries, PXOG Marshall Ltd (17% of the Licence)
and UOG Italia Srl (20% of the Licence).
The Podere Gallina Licence holds independently verified 2P gross
proven reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI) in
Selva, gross Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and
a further 88.2 Bcf of gross Best Estimate Prospective Resources
(un-risked) (32.6 Bcf net).([2])
An independent Competent Person's Report of the Podere Gallina
Licence was prepared by CGG Services (UK) Limited in July 2022 on
behalf of the joint venture.([2]) It attributed a total of 379
MMscm (13.4 Bcf) gross 2P reserves for the Selva redevelopment
project.
References:
[1] Source: ICE website forward curve gas prices for the TTF.
https://www.ice.com/products/27996665/Dutch-TTF-Gas-Futures/data?marketId=5360399
[2] Source : "Competent Person's Report Podere Gallina Licence,
Italy" prepared by CGG Services (UK) Limited in July 2022 :
https://bit.ly/44VF02A
Glossary:
scm Standard cubic metres
scm/d Standard cubic metres per day
MMscm Million standard cubic metres
Bcf Billion standard cubic feet
MMscfd million standard cubic feet per day
MWh Mega Watt hour
TTF The 'Title Transfer Facility' - a virtual trading point for
natural gas in the Netherlands.
Qualified Person Signoff
In accordance with the AIM notice for Mining and Oil and Gas
Companies, the Company discloses that Mark Routh, the CEO and a
director of Prospex Energy plc has reviewed the technical
information contained herein. Mark Routh has an MSc in Petroleum
Engineering and has been a member of the Society of Petroleum
Engineers since 1985. He has over 40 years operating experience in
the upstream oil and gas industry. Mark Routh consents to the
inclusion of the information in the form and context in which it
appears.
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END
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