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LONDON (Alliance News) - United Oil & Gas PLC and Prospex Oil & Gas PLC said Tuesday they have been granted preliminary approval for the production concession application to develop the Selva Malvezzi Gas-Field in northern Italy.
United Oil owns a 20% interest in Selva, which sits within the Podere Gallina exploration permit, while Prospex has a 17% stake.
The companies said that phase one of the development is targeting the production of 150,000 cubic metres per day from two gas-bearing reservoirs, C1 and C2.
Final approval from the Italian Government is subject to a regulatory processes, including the approval of an environmental impact assessment, the firm added.
United Oil & Gas shares were trading down 4.4% at 4.90 pence each, while Prospex shares were up 3.8% at 0.25p.
