Prospex Energy (PXEN) has reached another milestone at its Selva Malvezzi gas project in Italy after its operating partner lodged an Environmental Impact Assessment (EIA) for a proposed four-well development programme.
The EIA, submitted by operator Po Valley Operations (PVO) to Italy's Ministry of Environment and Energy Security, covers plans to drill, develop and commission four new wells within the Selva Malvezzi production concession in northern Italy. Prospex holds a 37% working interest in the concession, while PVO, a wholly owned subsidiary of Po Valley Energy, owns the remaining 63%.
The proposed wells are located close to the existing Podere Maiar 1 well, which has been producing continuously since July 2023 at about 80,000 standard cubic metres of gas per day. The new drilling programme aims to unlock additional gas resources within the concession and leverage existing infrastructure, including the nearby SNAM national gas pipeline.
Meanwhile, processing of the recently acquired 3D seismic survey, covering about 140 square kilometres, is expected to be completed in July. Interpretation work will then begin to create a high-resolution subsurface model that will help optimise well locations once regulatory approval is secured.
“The filing of the EIA follows months of work by our partner and operator, PVO,” said Prospex Chief Executive Officer Tom Reynolds.
“Approval of the EIA will allow Po Valley Energy to begin the ambitious drilling programme in 2027, benefiting the Emilia Romagna region of Italy and all our stakeholders. Delivery of this milestone takes us another step closer to delivering the full potential from the Selva Malvezzi concession.”
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The EIA submission marks an important regulatory step towards expanding production at Selva Malvezzi. With existing infrastructure already in place and seismic interpretation nearing completion, Prospex is steadily de-risking the project ahead of a potential four-well drilling campaign in 2027, offering investors further exposure to domestic gas development in Italy.