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(Alliance News) - Prospex Energy PLC on Monday said Po Valley Energy Ltd has completed the ramp-up and comissioning process at the Podere Maiar-1 gas facility at the Selva field in northern Italy.
The Europe-focused gas and power project investor owns a 37% working interest in the Selva Malvezzi production concession, while Mount Pleasant, Australia-based Po Valley owns 63%.
Prospex said output has resumed with a forecasted daily production level of 72,000 standard cubic metres per day, adding that the 1.8 million produced during the ramp-up has been sold to BP Gas Marketing under a 18-month supply agreement, which was announced back in February.
The gas and power investor added that a detailed analysis of the well data in underway, with results expected in three weeks.
This comes after Prospex announced in July the start of gas production from Podere Maiar-1.
Chief Executive Officer Mark Routh said: "I am very pleased that Po Valley Energy has completed the ramp-up and commissioning process at the PM-1 gas facility of the Selva field. The final transition to ongoing production at PM-1 is underway which marks a major milestone for both Po Valley and Prospex. The ongoing production from PM-1 is an outstanding platform from which the Joint Venture can actively pursue the exploration and development of nearby lookalike wells."
Shares in Prospex were up 7.0% at 6.15 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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