The following was posted on a different PXEN bulletin board so it should be this month. Risked target price is over 40p per share so 2p could be classed as a bit of a joke to be honest..........
29 Sep '20 - 13:06 - 93 of 94 0 0 0 uog rns the operator has now indicated that they anticipate final approval to be granted in October 2020
Our licences in Italy are located in the North of the country, close to the epicentre of the outbreak of Covid-19. This has had an understandable impact on the level of activity which has been possible in Italy and the speed at which decisions can be taken by governmental agencies.
In January 2020, the operator Po Valley Energy confirmed that they had received formal technical environmental approval from the Italian Environmental Ministry for the development of the Selva Gas field.
This approval from the technical committee at the Ministry is an important milestone in the environmental approval (EIA) process whereby the project development plan is reviewed in great detail. As a final step, the Environmental Minister must sign off on the technical committee's review report. The Italian Government has been focussed on Covid-19 legislation and European funding stimulus packages which has delayed domestic approvals; however, the operator has now indicated that they anticipate final approval to be granted in October 2020.
We now estimate that production will come on stream in 2021. The planned facilities will have the capacity to deal with c. 2Bcf per annum. (c. 875 boepd).