PROSPEX ENERGY PLC (Alliance News) - Prospex Energy PLC on Friday said that gas production had been stable at the Italian project, with further testing expected over the coming weeks.
The Europe-focused gas and power project investor said that the Podere Maiar-1 gas well at the Selva field in northern Italy is performing "as expected" after six months of "strong gas production". Production at the well began in July, and was running 62,000 standard cubic metres per day as of October.
The information was reported by Po Valley Operations Pty Limited, a subsidiary of Po Valley Energy Ltd, which serves as the well's operator and majority stakeholder. Prospex holds a 37% interest in Selva Malvezzi, while Po Valley Energy holds the remaining 67%.
Po Valley's testing period defined optimal well performance, and confirmed that testing was "successfully undertaken at various production levels".
Slick line work programmes have been completed to monitor well behaviour, and the company said that production volumes testing will take place over the next four weeks at between 78,000 and 80,000 standard cubic metres per day. This will be followed by an additional slick line operation programme before a long-term flow rate is set.
Prospex said that this confirmatory period will allow Po Valley to establish an optimal flow rate at Podere Maiar, and the most efficient rate of long-term production.
The company confirmed that further upside potential at the Selva Malvezzi concession is advancing "at pace", as Po Valley advances agreements with local landowners and regulatory authorities to commence drilling programmes at Selva north, south and east.
Chief Executive Officer Mark Routh said: "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."
Shares in Prospex were up 2.4% at 5.63 pence each in London on Friday morning.
By Hugh Cameron, Alliance News reporter
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