Prospex Energy reports strong Q1 2025 gas production and revenues from Selva field
[Image: Prospex Energy]
() , an investor in European gas and power projects, issued a Q1 2025 activity report from its Podere Maiar-1 (PM-1) gas facility at Selva field, northern Italy. Prospex has a 37% working interest in Selva and operator Po Valley has the remaining 63%.
Prospex continued to see steady gas production from the PM-1 well, in line with expectations. Production in Q1 2025 averaged c. 77,292 scm/d. Robust gas prices continued to support revenues during the quarter, with an average weighted gas sales price at €0.50/scm (€44/MWh) in Q1, largely flat from the previous quarter.
Gross quarterly gas production from PM-1 was 6.724 MMscm, with 2.29 MMscm was net to Prospex. The resulting gross revenue for Q1 was €3.33m, remaining flat from last quarter's €3.38m, with €1.24m net to Prospex, a c. 90% increase on Q4 2023.
PM-1 continues to sell the gas to BP Gas Marketing under a 12-month continuation of an offtake agreement originally signed in February 2023.
Prospex plans to drill 4 new wells on the Selva Malvezzi concession to build on the success of PM-1. Drilling applications were submitted in Q3 2024 to Italy's Ministry of Environment and Energy Security. Environmental impact studies were also submitted to the ministry in December 2024. As of May 2025, was waiting on the outcome of the applications, not expecting any hurdles.
Mark Routh, CEO of Prospex, commenting: "I am pleased to report that Po Valley Energy, the operator of our Selva Malvezzi Production Concession continues to maintain, safe and steady gas production and revenues."
View from Vox
Prospex continued to see steady production from the PM-1 gas facility in northern Italy, in line with expectations. Average production in Q4 was close to the nameplate 80,000 scm/d, in line with the previous quarter after the facility ramped up to nominal capacity in 2024. The asset now provides a steady income stream for , with revenues up 90% on Q4 2023, supported by rising gas prices over the past year.
's Selva concession holds significant upside as 4 more wells are being rapidly advanced through the permitting process. To support development of the wells, will carry out a 3D seismic campaign covering Selva, set to begin in September/October 2025. The resulting dataset will be processed quickly thereafter to refine the drilling targets for the wells. Two will be development wells and two will be exploration wells, targeting contingent and prospective resources respectively.
has already received regional INTESA approval to commence work on the survey, alongside final authorisation from MASE for the geophysical campaign. The 3D seismic survey will have the following footprint within the Selva Malvezzi concession:
The 4 new wells are expected to receive drill permits in H2 2025, targeting a total of 88 Bcf gross (33 Bcf net to ). Funding for the 3D seismic campaign is fully covered from 's accumulated production revenues from PM-1. We expect production from the new wells to commence within a year.
remains cash generative, with no debt, and well-positioned for further growth.
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