London, U.K. - Prospex Energy, a London-listed energy investment company, saw its shares rise by 15% in early trading following the news that production has resumed at the Podere Maiar-1 (PM-1) gas facility of the Selva Field in northern Italy. The restart comes after Po Valley Energy successfully completed the ramp-up and commissioning process.
As of 0715 GMT, shares had risen by 0.85 pence to reach 6.60 pence.
Prospex Energy expects production at the PM-1 facility to reach a daily volume of 72,000 standard cubic meters once all data analysis is complete. During the ramp-up period, approximately 1.8 million standard cubic meters of gas have been produced, all of which has been sold to BP Gas Marketing under an 18-month supply agreement.
"The final transition to ongoing production at PM-1 is under way, marking a significant milestone for both Po Valley and Prospex. The continuous production from PM-1 provides an excellent foundation for the joint venture to actively pursue the exploration and development of nearby wells with similar potential," stated Chief Executive Mark Routh.
Prospex Energy holds a 37% working interest in the PM-1 site, with the remaining ownership belonging to Po Valley Energy.
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