Po Valley’s Italian gas well to start production

Australia’s Po Valley Energy on June 28 announced that all final approvals for gas production at the Podere Maiar - 1 (PM-1) facility in the Selva Malvezzi concession in Italy have been successfully obtained.

The safety checks conducted by UNMIG (United Nations Mine Action Service) and the fire department have been completed, and the Italian energy ministry has issued formal approval documentation.

Following the issuance of the final approval, there is an 8-day mandatory period required to finalise administrative matters before production can commence. Therefore, the company expects the ramp-up of gas production at the PM-1 facility to begin in early July 2023.

“Whilst regional flooding issues have delayed final approvals and production, we can confidently look forward to PM-1 production in the near term,” Po Valley chairman Kevin Bailey said.

Po Valley last month completed the PM-1 gas facility in the Selva Malvezzi production concession, located in the Po Valley region of Italy. In February, the company signed a gas supply agreement with BP.

The Selva Malvezzi concession is owned by joint venture partners Po Valley (63%) and Prospex Energy (37%). Po Valley in August 2022 announced it had received firm commitments to raise A$4.5mn ($3.13mn) via a share placement to develop the Podere Maiar gas field.