By Ian Walker


Shares of Prospex Energy rose 15% in early trading after the company said that production has restarted at the Podere Maiar-1 gas facility of the Selva Field in northern Italy after Po Valley Energy completed ramp-up and commissioning.

Shares at 0715 GMT were up 0.85 pence at 6.60 pence.

The London-listed energy investment company said production at PM-1 has restarted and is forecast to reach 72,000 standard cubic meters a day until all data analysis is complete.

It said gas produced during the ramp-up period is estimated at 1.8 million standard cubic meters, all of which has been sold to BP Gas Marketing under the 18-month supply agreement.

"The final transition to ongoing production at PM-1 is under way 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," Chief Executive Mark Routh said.

Prospex has a 37% working interest in the site, with the rest held by PO Valley Energy.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

08-07-23 0346ET