Prospex Energy has announced that the Emilia Romagna Regional Council has granted regional approval (INTESA) to Po Valley Operations, a subsidiary of Po Valley Energy (PVE), to begin a 3D seismic campaign over the Selva Malvezzi production concession area.
Po Valley Operations, as the operator, holds a 63% working interest in the concession, while Prospex holds the remaining 37%.
Go deeper with GlobalData
The regional INTESA represents a milestone in the authorisation process, which will culminate with a formal decree from the Ministry of Environment and Energy Security.
The completion of this process is contingent on the verification of all necessary documentation.
Preparatory work for the seismic campaign, including design, planning, and permitting, was already under way prior to receiving the INTESA.
With the INTESA now granted, the operator can formalise permits and agreements with landowners.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn preparation, the operator engaged with farmers’ associations and representatives to align the campaign with industry best practices.
The seismic campaign is an important part of the ongoing development programme, which aims to drill four new wells in the concession in addition to the existing Podere Maiar-1 well.
An environmental impact assessment for drilling these wells was submitted to the Ministry of Environment and Energy Security on 31 December 2024.
The Podere Maiar-1 well has been productive, yielding 7.02 million cubic metres (mcm) of gas, with Prospex’s net share amounting to 2.6mcm.
This resulted in €2.76m ($2.87m) in gross revenue for the third quarter of 2024, with Prospex’s net revenue reaching €1.02m.
The 3D seismic campaign is designed to be environmentally considerate, with a minimal footprint and a rapid execution timeline of no more than three weeks. The funding for this campaign is secured through production income.
After data acquisition, the seismic dataset will be processed and interpreted internally to optimise drilling locations for the four new wells in the concession.
Prospex CEO Mark Routh commented: “I am very pleased to report that Po Valley Energy, the operator of our Selva Malvezzi Production Concession, has received approval from the local regional authorities to proceed with the 3D seismic acquisition programme. This is a crucial step in achieving full regulatory approval for the campaign so that acquisition can commence very shortly.
“This new 3D seismic dataset will be acquired and processed early this year in order to optimise the subsurface drilling targets for four planned wells – two development wells into structures classified as contingent resources, North Selva and South Selva, and two exploration wells classified as prospective resources, East Selva and Riccardina.
“These wells, which are targeting a total of 88bcf [billion cubic feet] gross (33bcf net to Prospex), are anticipated to receive permits to drill in the second half of 2025.”
