Emilia Romagna Regional Council approves INTESA (local government production agreement) for the Podere Maiar gas field at Selva
Prospex Energy gets penultimate approval for production at Podere Maiar gas field. (Credit: John R Perry from Pixabay)
Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce that Po Valley Energy Limited (ASX:PVE) (‘Po Valley’ or the ‘Operator’) has received the penultimate approval for production at the Podere Maiar gas field located in onshore northern Italy, which lies within the Selva Malvezzi Production Concession (‘Selva’). Prospex holds a 37% working interest in the Podere Gallina Exploration Permit with the Operator holding the remaining 63%.
Highlights
· Emilia Romagna Regional Council approves INTESA (local government production agreement) for the Podere Maiar gas field at Selva
· INTESA is a prerequisite for Italy’s Ecological Transition Ministry (‘MiTE’) to grant a Final Production Concession at Podere Maiar
· Final Production Concession will allow Po Valley to install gas plant and a 1km pipeline – contract negotiations are underway to complete this
· The Company expects first gas from Podere Maiar in the first half of 2023, subject to final approval
Mark Routh, Prospex’s CEO, commented:
“We are extremely pleased that the regional authorities have approved the INTESA having received no objections from the local authorities to proceed with the gas development. This marks an important step in progressing Podere Maiar towards production.
“This approval from the Emilia Romagna regional council has taken some time to achieve and we are pleased to now be moving towards the Final Production Concession alongside our partners, Po Valley, so that we can stay on track for our goal of first gas from Podere Maiar next year.”
Source: Company Press Release