19th Jun 2024 09:05
(Alliance News) - Prospex Energy PLC on Wednesday noted Po Valley Energy Ltd's announcement, confirming that an annulment of the plan of areas has not been appealed by the Italian Ministry of Environment and Energy Security.
Prospex is a Europe-focused gas and power project investor. Po Valley is the operator of the Selva Malvezzi production concession, in which Prospex has a 37% working interest.
The plan of areas, which limited the extent of hydrocarbon prospecting, exploration and production in Italy, was fortunately not materially affected by the plan of areas.
According to Po Valley, the Ministry's decision not to appeal may be interpreted as another sign of the current Government's commitment to promote and enable more domestic gas production to address the serious energy security challenges which Italy, and more broadly Europe, are facing.
Looking ahead, Po Valley continues to progress the work programme at Selva Malvezzi, which is located in Northern Italy. It is currently focused on the design, planning and permitting of the 3D seismic campaign at the production concession.
Shares in Prospex Energy were up 0.2% at 7.07 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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