Prospex Energy (PXEN) has reported consistent gas production and increased revenues from its Selva Malvezzi concession in Italy for Q1 2026, supported by stronger European gas prices.
The company holds a 37% working interest in the concession, operated by Po Valley Operations, with performance driven by the Podere Maiar-1 (PM-1) well. Production remained stable across the quarter, underpinning continued strong operating cashflow.
Average gross daily production was about 80,687 standard cubic metres, broadly in line with the previous quarter. Net production attributable to Prospex reached 2.69 million standard cubic metres, while revenues rose to €1.16 million, up from €852,000 in Q4 2025, reflecting an improved realised gas price of €0.43 per standard cubic metre.
Meanwhile, cumulative gross production from PM-1 has reached 72.9 million standard cubic metres since start-up, exceeding the certified P1 reserves outlined in July 2022. Downtime during the period was minimal and limited to scheduled maintenance.
It is worth noting that progress continues across the wider Selva development programme. Environmental Impact Assessment updates are underway for four planned wells - Casale Guida-1d, Ronchi-1d, Selva Malvezzi-1d and Bagnarola-1d - with further technical studies expected to be submitted in Q2 2026. The company also confirmed completion of a 3D geophysical survey, with data now being processed for interpretation.
Prospex’s CEO Tom Reynolds said: “The consistent production and strong cash flow from Podere Maiar-1 is very welcome and underpins activity across Prospex wider portfolio of assets on which we expect to provide a short quarterly update in due course.
“European gas prices have been elevated in the period, influenced by geopolitical tensions in the Middle East, underlining the need for secure, domestically sourced energy. With operations and exposure across key markets including Italy, Spain and Poland, the Company is well positioned to benefit from this supportive pricing environment while continuing to build value through its diversified European presence.”
View from Vox
Steady production and rising realised prices are combining to strengthen Prospex’s cash generation from Selva. Meanwhile, continued progress on development planning and subsurface work suggests further upside potential across the concession, particularly if supportive European gas pricing persists.