Prospex Energy (PXEN) said gas production at its 37%-owned Podere Maiar 1 (PM 1) well remained stable during the December 2025 quarter, while operator Po Valley Energy completed a 3D geophysical programme across the Selva Malvezzi production concession in Italy.
During the quarter, PM 1 produced 6.97 million standard cubic metres (scm) of gas gross, or 2.58 million scm net to Prospex. Revenue was €2.3 million gross for the period, with €0.85 million net to Prospex, reflecting a weighted average gas price of €0.33 per scm.
Prospex said average daily production stayed around 80,000 scm per day, aside from two short maintenance shutdowns. Cumulative gross production since first gas in July 2023 has reached 65.6 million scm, which equates to about 95% of the certified P1 reserves in the July 2022 Competent Person’s Report.
In addition, Po Valley has finished 3D data acquisition over roughly 140 square kilometres, using 8,380 wireless geophones and four Vibro-seis trucks. The data is now being collated ahead of processing, with results targeted for market release in the second quarter of 2026.
Prospex’s CEO Mark Routh said: “The Selva Malvezzi concession continues to prove its investment value, with the operator delivering a stable operating and financial result from the PM-1 gas well for the quarter and making solid progress as it looks to expand production through the development of four new wells. The successful completion of a 3D geophysical survey on time and under budget is testament to Po Valley Energy's disciplined work approach and we look forward to receiving the results of this work programme in due course.”
View from Vox
Consistent output and cash flow from PM 1 remains the backbone of the Selva Malvezzi investment case, even as realised gas prices have eased. Going forward, the 3D dataset looks like the key de-risking step ahead of the four-well development plan, with the next material catalysts likely to be processing results and Environmental Impact Assessment updates in the second quarter of 2026.