Prospex Energy (PXEN ) reported consistent third-quarter production from the Podere Maiar-1 (PM-1) well at the Selva Malvezzi concession in Italy and confirmed a new gas sales agreement with Hera Trading effective 1 October 2025. 

 

The operator, Po Valley Energy, delivered average gross output of about 78,795 standard cubic metres per day in Q3 2025, with PM-1 production stable at around 80,000 standard cubic metres per day aside from brief plant maintenance late in September. Prospex’s 37% share translated to quarterly net production of 2,682,180 standard cubic metres and revenue of €992,173 at a weighted average realised price of €0.37 per standard cubic metre.

 

The previous gas sales agreement with BP Gas Marketing concluded at the end of September, with deliveries now under the new contract with Hera Trading from 1 October. Net government royalties for the quarter were €99,000, payable in Q2 2026.

 

Cumulative production from the C2 level has reached 58.6 million standard cubic metres on a 100% basis, about 84% of the July 2022 P1 reserve estimate for that level. Daily rates resumed at roughly 80,000 standard cubic metres per day on 2 October following routine alumina replacement at the gas plant.

 

Meanwhile, permitting and development work advanced across four near-field wells - Casale Guida-1d, Ronchi-1d, Selva Malvezzi-1d and Bagnarola-1d. The updated Environmental Impact Assessment incorporates ministry recommendations on site location, flood mitigation, and visual and noise impacts. A 3D geophysical survey over the broader concession is scheduled for Q4 2025, with land access agreements close to completion across more than 1,800 landowners.

 

“I am very pleased to report that Po Valley Energy, the operator of the Selva Malvezzi Production Concession, continues to deliver steady and reliable gas production from the PM-1 well with the related ongoing cash generation with consistent production averaging ~80,000 scm per day during the period,” said Prospex’s CEO Mark Routh.

 

“Meanwhile, the operator has continued to make progress on the permitting front, with EIA and development programme revisions underway for the proposed 4 new wells and the upcoming 3D geophysical survey in December.”

 

View from Vox

 

Stable PM-1 performance and the shift to Hera Trading support cash flow continuity, while the Q4 3D survey and multi-well permitting provide the next catalysts. Delivery of the near-field wells, informed by the 3D survey, should offset C2 decline and underpin sustained cash generation.