Prospex Energy PLC - investor in onshore and shallow offshore European gas and power projects - Says Po Valley Energy Ltd has secured ownership of the land for its Podere Maiar well site in the Selva gas field in Italy. Prospex holds a 37% interest in the Podere Maiar licence, while Po Valley holds the remaining 63%. Prospex says all materials related to the 1km gas pipeline have arrived on site, including the 4-inch steel pipe that will be used for construction of the pipeline connecting Podere Maiar to the national gas grid. Expenditure relating to land titles and pipeline remain within budget. Podere Maiar, which is in north east Italy, is expected to deliver first gas in the second quarter of 2023.
Chief Executive Officer Mark Routh said: "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."
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By Chris Dorrell; chrisdorrell@alliancenews.com
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