Prospex Energy Plc

Equities

PGR

GB00BMFZVZ53

Oil & Gas Exploration and Production

Market Closed - London S.E. Other stock markets 11:35:01 2024-05-13 am EDT			5-day change	1st Jan Change
6.15 ^GBX	+1.65%		0.00%	+24.24%

May. 03	Fletcher King sees materially higher full-year sales	AN
Mar. 27	Prospex Energy settles GBP175,200 convertible loan note repayments	AN

Prospex Energy hails Selva field approval to start gas production

June 28, 2023 at 11:18 am EDT

(Alliance News) - 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.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Prospex Energy Plc

Fletcher King sees materially higher full-year sales	May. 03	AN
Prospex Energy settles GBP175,200 convertible loan note repayments	Mar. 27	AN
EARNINGS AND TRADING: Hydrogen Future loss widens; Quantum revenue up	Jan. 31	AN
Prospex Energy JV Mulls New Seismic Acquisition Program Over License Area in Italy	Jan. 31	MT
Prospex Energy says Selva field projects advancing "at pace"	Jan. 19	AN
Graft Polymer raises GBP500,000 in placing	Dec. 22	AN
Prospex Energy shares fall despite celebrating onshore assets	Dec. 18	AN
Prospex Energy sourcing gas to BP subsidiary from Selva Field, Italy	Nov. 01	AN
Prospex Energy Issues New Shares in Convertible Loan Note Deal	23-09-26	MT
Prospex agrees to settle convertible loan notes with share issue	23-09-26	AN
AIM WINNERS & LOSERS: Bowleven shares drop on concern for cash runaway	23-09-26	AN
Prospex Energy to Convert Four Loan Notes, Shares Up 9%	23-09-25	MT
AIM WINNERS & LOSERS: Getech shares drop as interim loss widens	23-09-25	AN
EARNINGS: ASA interim profit plummets; Mycelx loss narrows, revenue up	23-09-20	AN
Earnings Flash (PXEN.L) PROSPEX ENERGY Reports H1 Loss GBX-0.31	23-09-20	MT
Prospex Energy Plc Reports Earnings Results for the Half Year Ended June 30, 2023	23-09-20	CI
Prospex Energy to Issue 5.3 Million Shares Via Loan Note Conversion	23-09-05	MT
AIM WINNERS & LOSERS: Accsys Technologies drops on weakening demand	23-09-01	AN
Prospex Energy to Issue New Shares on Loan Conversion	23-09-01	MT
Prospex Energy to Convert Four Loan Notes	23-08-29	MT
Prospex notes completion of ramp-up at Podere Maiar-1 gas facility	23-08-07	AN
Prospex Energy Partner Completes Ramp-up, Commissioning of Italian Gas Facility; Shares Up 7%	23-08-07	MT
Prospex Energy Shares Rise on Italy Field Restart	23-08-07	DJ
Prospex Energy achieves first gas at Selva field in Italy	23-07-05	AN
Prospex Energy plc Announces Selva Field Development Start of Gas Production from Podere Maiar-1 in Italy	23-07-05	CI

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Company Profile

Prospex Energy PLC is a United Kingdom-based investment company focused on European gas and power projects. The Company is primarily involved in the development, exploration and the production of natural gas and the generation of electricity. It is building a sizable oil and gas investment portfolio, focusing on high impact, onshore and shallow, offshore European opportunities located in working hydrocarbon systems. It holds interests in the El Romeral Project, Tesorillo Project and Selva Malvezzi. It holds a 49.9% interest in the El Romeral gas power project situated in southern Spain and has three producing wells: El Ciervo-1, Santa Clara-1 and Sevilla-1. The Tesorillo Project in Cadiz Province in southern Spain contains a known gas discovery that has the potential to hold gross unrisked prospective resources of about 830 billion cubic feet of gas. Tesorillo comprises two petroleum exploration licenses, the Tesorillo and Ruedalabola Permits, which cover about 38,000 hectares.

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Oil & Gas Exploration and Production

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.0605 GBP

Average target price

0.201 GBP

Spread / Average Target

+232.23%

Consensus

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