VSA Morning Flow Test
This Morning’s News Prospex Energy (PXEN)
Prospex Energy (PXEN LN) has provided a brief operational update highlighting positive progress at the Selva gas asset in Italy which it commissioned with its partner Po Valley Energy (PVE AU) in July last year.
Production over the first few months has been strong with the last update highlighting October production stable at 62,000scmd with highs of 72,000scmd. Having successfully achieved stable production at this level the company is now conducting four weeks of testing at the 78,000-80,000scmd level. This is positive that the company is already attempting to reach this level that had been considered as a longer term target. The flow rates over the next few weeks will enable the company to confirm the optimal longer term production rate.
With its partner PVE progress is also being made on further exploration within the concessions. Land access and other agreements with local owners are being progressed along with permitting. This highlights the potential for additional organic targets for exploration that are potential share price catalysts funded by production generated cashflow.