Prospex Energy plc’s joint venture (JV) partner has secured the land rights in readiness for production at the Podere Maiar licence in the Selva gas field, Po Valley, North Italy.
JOINT VENTURE
The JV comprises Prospex (37%) and operator Po Valley Energy Ltd (63%).
PROGRAMME
Prospex said that Po Valley had approved all payments to secure ownership of the titles as well services for the gas pipeline and associated cables.
Once processed, Po Valley will have complete access and control over the land to construct its gas treatment plant and pipeline at the Podere Maiar-1 well site.
All materials relating to the 1km gas pipeline are on site, including the four-inch steel pipe, in readiness to connect the Podere Maiar-1 well to the National Gas Grid.
Podere Maiar is on schedule for first gas in early Q2 of 2023.
Prospex said that all expenditure relating to land titles and pipeline remained within budget.
Po Valley is awaiting approval from Italy’s National Mining Office for Hydrocarbons and Georesources (UNMIG) and the Fire Department for its operations and to start preliminary works on the well site.
BUDGET
“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,” said Prospex chief executive Mark Routh.
“This will secure enhanced cash-flows from the sale of gas into a high demand market.”