Prospex Energy (AIM:PXEN), an AIM-quoted investment company focused on European gas projects, has lodged an Environmental Impact Assessment with Italy's Ministry of Environment and Energy Security, advancing plans to drill four new wells at its Selva Malvezzi production concession in the Po Valley Basin.
The filing was made on 26 June by Po Valley Operations, the concession operator with a 63% working interest. Prospex holds the remaining 37%.
The four proposed wells sit close to the existing Podere Maiar 1 well, which has produced continuously since July 2023 at approximately 80,000 standard cubic metres per day.
Processing of approximately 140 square kilometres of 3D seismic data is expected to complete in July, with interpretation beginning immediately after to build a subsurface model that will inform the drilling programme once regulatory approval is secured.
Ministry approval would clear the way for drilling to begin in 2027, with any production destined for connection to the SNAM national pipeline near the concession.
"Approval of the EIA will allow Po Valley Energy to begin the ambitious drilling program in 2027, benefiting the Emilia Romagna region of Italy and all our stakeholders," said chief executive Tom Reynolds.
