Highlights

  • PM-1 well maintained steady output of around 80,000 scm/day during Q3 2025.
  • New gas offtake agreement with Hera Trading effective from 1 October 2025.
  • Progress advanced on EIA approvals and 3D geophysical survey for new wells.

Prospex Energy PLC (LSE:PXEN), an investment company focused on European gas and power projects, has provided an operational update for Q3 2025 on the Selva Malvezzi Production Concession in Italy. The report follows Po Valley Energy Limited’s (ASX: PVE) quarterly update. Po Valley Operations Pty Limited (PVO), a wholly owned subsidiary of PVE, operates the concession with a 63% working interest, while Prospex holds the remaining 37%.

The Podere Maiar-1 (PM-1) well continued to deliver consistent performance, averaging a gross daily production rate of approximately 78,795 standard cubic metres (scm) for the September 2025 quarter.

During Q3 2025, total production reached 7.25 million scm (100%), generating revenue of EUR 2.68 million (100%). Net to Prospex (37%), this equated to EUR 0.99 million, with an average realized price of EUR 0.37/scm. For the nine months ended September 2025, Prospex’s share of production totalled 7.86 million scm, generating EUR 3.29 million in revenue.

Transition to New Gas Sales Agreement

The quarter marked the conclusion of the Gas Sales Agreement with BP Gas Marketing, with final deliveries completed in late September. From 1 October 2025, a new Gas Sales Agreement came into effect with Hera Trading, part of Hera S.p.A.

Routine maintenance activities, including alumina replacement at the gas plant, temporarily reduced production toward the end of September. The PM-1 well resumed output on 2 October 2025 at previous levels of approximately 80,000 scm/day.

Net government royalties accrued for the quarter were EUR 0.10 million, bringing the year-to-date total to EUR 0.33 million, payable in Q2 2026.

Advancing Development of New Wells

The joint venture continued work on securing approvals for four proposed wells—Casale Guida-1d, Ronchi-1d, Bagnarola-1d, and Selva Malvezzi-1d. Updates to the Environmental Impact Assessment (EIA) and development programme incorporated recommendations from the Italian Ministry of Environment and Energy Security (MASE), including adjustments to well site locations and noise and visual impact mitigation measures.

Preparations for a 3D geophysical survey across the Selva Malvezzi concession remain on schedule to begin in Q4 2025. The permitting process and landowner access agreements—covering over 1,800 landowners—were nearing completion by quarter-end.

Quarterly expenditure for these development activities amounted to approximately EUR 0.01 million (net to PXEN), with higher spending expected over the coming quarters as the 3D survey and EIA work advance.

Management Comment

Mark Routh, CEO of Prospex Energy, stated:

“I am very pleased to report that Po Valley Energy, the operator of the Selva Malvezzi Production Concession, continues to deliver steady and reliable gas production from the PM-1 well with the related ongoing cash generation with consistent production averaging ~80,000 scm per day during the period. Meanwhile, the operator has continued to make progress on the permitting front, with EIA and development programme revisions underway for the proposed 4 new wells and the upcoming 3D geophysical survey in December.”

Share Performance

PXEN’s shares trading at GBX 4.52 per share on 31 October 2025, Up by 5.23% from its previous close of GBX 4.30.