Prospex Energy, the AIM quoted investment company focused on European gas and power projects, notes the announcement made by Po Valley Energy released on the ASX on Monday 19 September 2022 and provides an update on the Podere Gallina Licence located in the Po Valley onshore in northern Italy, in which lies the Selva gas field within the Selva Malvezzi Production Concession. The Company holds a 37% working interest in the Podere Maiar licence with the Operator holding the remaining 63%.
- Po Valley has approved all payments to secure ownership of the land for its Podere Maiar well site in Italy's Selva gas field
- Italy's Institute of Services for the Agricultural Food Market ('ISMEA') has accepted Po Valley's application to obtain the well site land ownership
- All materials relating to the 1km gas pipeline have arrived on site including the steel pipe
- Expenditure relating to land titles and pipeline remain within budget
- Podere Maiar is on track for first gas in early Q2 of 2023
Po Valley announced Monday that it is on track for first gas from the Podere Maiar-1 well in Italy's Selva gas field after ISMEA accepted the Company's application to land titles for the well site.
Po Valley received an official letter from the General Director of Italy's ISMEA accepting its application for the land as well as services for the gas pipeline and associated cables. Payment to secure the land rights is on budget and is being processed immediately (19 September 2022). Once ISMEA confirms the title, Po Valley will have complete access and control over the land required to construct its gas treatment plant and pipeline at the Podere Maiar-1 well site.
In addition, the 4-inch steel pipe has arrived on site and is being stored in readiness for construction of the 1km gas pipeline that connects the Podere Maiar-1 well to the National Gas Grid.
Po Valley continues to progress its application to the National Mining Office for Hydrocarbons and Georesources ('UNMIG') and to the Fire Department for approval for its operations and plans to request UNMIG approval to commence preliminary works on the well site.
Mark Routh, Prospex's CEO, commented:
'We are extremely pleased that Po Valley has secured the land ownership at the Podere Maiair-1 well site location and has purchased the land from several different owners under which the 1 km 4-inch gas export pipeline will be installed to connect the well to the National Gas Grid. Procurement of the steel pipe and related equipment for the tie-in work is complete and all materials are now stored at the well site.
'Pleasingly, Po Valley was able to acquire the land and procure the materials at or below our original cost estimates, ensuring that we're on schedule and on budget to achieve first gas in the early part of the second quarter of 2023. This will secure enhanced cash-flows from the sale of gas into a high demand market. This is clearly very good news for shareholders.'