Prospex Energy Plc

-0.25 (-2.86%)
Share Name Share Symbol Market Type Share ISIN Share Description
Prospex Energy Plc LSE:PXEN London Ordinary Share GB00BMFZVZ53 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.25 -2.86% 8.50 414,407 09:42:14
Bid Price Offer Price High Price Low Price Open Price
8.00 9.00 8.50 8.25 8.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gold Ores 0.00 2.26 1.30 653.85 24.23
Last Trade Time Trade Type Trade Size Trade Price Currency
09:41:49 O 200,000 8.475 GBX

Prospex Energy (PXEN) Latest News (4)

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Date Time Title Posts
29/5/202309:17Pxen consolidation 0.10p to 2.5p 25/1 ratio1,616

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Posted at 17/5/2023 11:54 by jrltyler
Yeah, not comparable. On shore vs offshore. Not the same gig. IOG capex must be 10x PXEN. They could easily burn through their cash reserves. Anyway, each to their own. I like PXEN. In at 2.8p plus top ups Along the way. Happy to hold and see what happens. Hopefully there's a buyer. Who knows. GLA.
Posted at 17/5/2023 10:17 by goldennuggets87
Pxen 24mil Mcap once producing will have net 2mmscf/d to pxen IOG currently producing 17mmscf/d 32mil in the bank this drill aiming to produce 40mmscf/d 20 x the production flow rates for similar Mcap. Investors are moving over to Iog for the huge gains ahead.
Posted at 29/4/2023 18:12 by quietlife
You really are clueless not sure about restless. How you can compare a undervalued cybersecurity company who has just done a RTO to gain the outstanding 75% of acuity which own and developed STREAM and is massively undervalued and will multi bag in the coming months and years with a European energy company who owns amazing organic assets in Italy and Spain and is also at the start of its development with huge upside from current and future revenues is beyond me. Your fascination with and language towards an investor who has helped shape the future of PXEN is imo inappropriate and completely wrong. As he still holds nearly 9m shares in PXEN and and has been invested in DRUM for nearly 2 years your comments are not worth didly squat. Clearly this BB has gone to the dogs by reading the recent posts. Much more constructive would be to buy up the available shares sub 10p which look very cheap.
Posted at 28/4/2023 14:19 by iceagefarmer
po valley rns

28 April 2023
Selva Malvezzi
• Po Valley signs offtake agreement with BP Gas Marketing to supply gas from its Podere Maiar-1
facility in Italy
o 18-month contract commenced on 1 April 2023 and has extension potential
o Contract for Po Valley and its joint venture partners to supply 37,000,000 standard cubic
metres of gas
• Developments continue on time and budget
Next steps
• First gas on track for early Q2 CY23
• Shares issued on exercise of options
• Cash at 31 March 2023 €871k (A$1,414k)
Australia's Po Valley Energy Limited (ASX: PVE) ("Po Valley" or "The Company") is pleased to provide its
Quarterly Activities Report for the period ending 31st March 2023, covering the Company's further gas
and oil exploration, development and production outcomes across its onshore and offshore assets in
northern Italy.
Selva is an onshore natural gas field in the eastern part of the Po Plain, among the Ferrara and Bologna
provinces, in the Emilia Romagna Region. The exploration permit measures 506 sq km and within this
permit the Selva Malvezzi production concession is 80.68 sq km.
Figure 1: Selva Malvezzi Production Concession Gas fields
Reserve and resources quoted in the figure 1 are 100%, net attributable to PVE is 63%
Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations.
These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity
of potentially moveable hydrocarbons.
Podere Maiar gas plant and pipeline construction
During the quarter, Po Valley stayed on course to have first gas from Podere Maiar in early Q2 CY2023.
PVO, as Operator of the joint venture, has met all its obligations under the construction contract with
TESI, remaining on time and on budget and remains well funded to complete the construction programme
at Podere Maiar – 1.
Gas Sales Agreement with BP Gas Marketing
In February, Po Valley’s wholly owned subsidiary Po Valley Operations Pty Limited (PVO) signed a gas sales
agreement (GSA) with BP Gas Marketing Limited (BPGM), an indirect, wholly owned subsidiary of BP
International Limited (BPI).
The GSA between PVO and BPGM relates to forecast gas production from the soon to be completed
Podere Maiar – 1 facility in the Selva Malvezzi production concession located in the Po Valley Region of
PVO is operator of the Selva Malvezzi production concession with 100% ownership interest moving to
63%. Notices to transfer joint venture partner quotas to Prospex Energy plc’s two wholly owned
subsidiaries UOG Italia Srl (20%) and PXOG Marshall Ltd (17%) were sent to the Italian Ministry during
November 2022.
Key terms of the GSA include:
• 18-month contract which commenced on 1 April 2023 with the potential to extend.
• Po Valley and its partners will supply an estimated 37 million standard cubic metres of gas.
• Gas price will be linked to Italy’s “Heren PSC day ahead mid” price assessment.
For further information see ASX announcement 14 February 2023.
Issue of shares
During the quarter, the Company issued 2,000,000 shares upon the exercise of 2,000,000 options at an
exercise price of A$0.05 expiring on 21 July 2023. Proceeds from the options exercised was €64k (A$100k)
in this quarter. Subsequent to the quarter end, a further 2,000,000 of the above options were exercised
and the company issued 2,000,000 shares at exercise price of A$0.05 raising an additional €64k (A$100k).
At the date of this report, the Company has on issue:
• 1,157,961,621 Ordinary Shares
• 1,000,000 options with exercise price of A$0.05 expiring 21 July 2023
• 7,500,000 options with exercise price of A$0.10 expiring 30 June 2024
Cash flow
Net operating cash outflows for the quarter was €144k and gas plant and pipeline development costs of
the Podere Maiar-1 well site in the quarter amounted to €556k (net of JV partner capex recoveries).
The Group's cash reserves as at 31st March 2023 was €871k (A$1,414k).
Regarding Section 6.1 of the Appendix 5B no payments were made to related parties and their associates
during the quarter. Director fees accrued at 31 March 2023 of €18k were paid shortly after the quarter
Information Provided in Accordance with ASX Listing Rules 5.4.1 and 5.4.2
In accordance with ASX Listing Rule 5.4.1, the Company confirms that, other than the development
underway at the Podere Maiar-1 well site, there have been no material developments or changes to its
exploration activities. As the focus in this quarter was the development of the Poder Maiar-1 gas plant
and pipeline, there were no other substantive exploration activities or costs incurred during the quarter.
In accordance with ASX Listing Rule 5.4.2, the Company advises that the development activities
undertaken on the Podere Maiar-1 site and costs incurred are as described in the relevant sections above.
There were no production activities during the quarter

Posted at 17/4/2023 21:51 by iceagefarmer
watching po valley's share price tonight on asx..good indicator for tomoro
Posted at 12/4/2023 19:58 by nt2buy
Posted at 23/3/2023 12:40 by iceagefarmer
ed dawson always said share price would be multiples and he said spanish assets would be the game changer so not priced in yet
Posted at 21/3/2023 20:59 by iceagefarmer
i keep checking po valley PVE..their share price hasnt fallen much so cant understand why pxen has fallen so much...mm games me thinks
Posted at 15/2/2023 09:03 by quietlife
Not sure what's vague about the quote below. If you google Heren PSV it mirrors TTF prices. All clear to me. With the option to extend after 18 months and wells commercial and sustainable for longer as gas prices are up significantly from 2 years ago 20p share price looks free. Add the next 3 look a like wells then its a cash cow

"The gas sales agreement with BP Gas Marketing Ltd marks a significant milestone for the Company and its joint venture partner, Po Valley as we get closer to first gas production from the Selva field development. We are delighted that Po Valley has secured the agreement with BP Gas Marketing Limited, a recognisable brand in the industry, to take delivery and sell our gas and look forward to working with them. Prospex is selling its share of the gas production jointly with the Operator, Po Valley, under a joint marketing agreement, in order to optimise the value of our gas sales.

Posted at 23/11/2022 07:30 by quietlife
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Italy: Selva Field Development Update

Wed, 23rd Nov 2022 07:00

RNS Number : 2390H
Prospex Energy PLC
23 November 2022

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

23 November 2022

Prospex Energy PLC

('Prospex' or the 'Company')

Italy: Selva Field Development Update

Start of Gas Plant construction works and pipeline installation at Selva

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to provide an update on the development activity on the Podere Gallina Licence (the 'Licence') located onshore in the Po Valley region of northern Italy, in which lies the Selva gas field within the Selva Malvezzi Production Concession ('Selva'). Po Valley Energy Limited (ASX:PVE) ('Po Valley' or the 'Operator') released an update on the ASX overnight on 23 November 2022. Prospex holds a 37% working interest in the Podere Gallina licence with the Operator holding the remaining 63%.


· Final approval to commence development activity received on 21 November 2022

· Works to prepare the tie-in to the SNAM gas grid network commenced on 19 November 2021

· Gas plant construction work and pipeline installation work is to commence 28 November 2022

· Podere Maiar remains on track for first gas in early Q2 2023

· Final stage of production concession application for Prospex submitted

· Po Valley, the operator, in dialogue with off-take partners for the sale of gas from Podere Maiar

Mark Routh, Prospex's CEO, commented:

"We are extremely pleased that Po Valley has confirmed that final permissions have been granted to start the development works on site and that Podere Maiar remains on schedule and on budget to achieve first gas early in the second quarter of 2023. Initial conversations with gas off-take partners for the sale of gas have commenced, which we have decided to sell jointly with the Operator Po Valley under a joint marketing agreement, which we believe will optimise the value of our gas sales and provide better value for our shareholders.

"In addition, the submission of our final application to the Ministry of the Environment and Energy Security to be approved as a gas producer took place on 21 November 2022. We believe that next year will be a transformational year for Prospex as we become a producer of gas in Italy as well as in Spain and very much look forward to keeping shareholders updated on our progress."

Gas Plant Construction and Pipeline Installation

On 19 November 2022, the engineering work commenced to connect the suspended well at Selva to the SNAM S.p.A. (BIT:SRG), the Italian energy infrastructure company's grid tie-in connection point.

On 21 November 2022 Po Valley confirmed that construction works at the Selva well site and the 4‑inch pipeline installation will commence on 28 November 20222. The project is on schedule for first gas from Selva , from the Podere Maiar-1 well, early in the second quarter of 2023.

Production Concession Application submitted for Prospex

In addition, on 21 November 2022 formal applications were submitted to the Ministry of the Environment and Energy Security for Prospex's two wholly owned subsidiaries which own the working interest in the Podere Gallina Licence, PXOG Marshall Ltd (17% of the Licence) and UOG Italia Srl (20% of the Licence) to be assigned to the Selva Malvezzi Production Concession which was approved by the Ministry in July 2022. This is the final step of the approvals process for Prospex to be officially recognised as a gas producer in Italy from the concession operated by Po Valley.

Gas Sales Agreements

Po Valley has confirmed that it is in dialogue with several counterparties to offtake and sell the gas from Selva on behalf of the Joint Venture. Bids to take delivery of our gas at the SNAM connection point to the national grid which is less than 1 km from the Podere Maiar-1 (Selva) well site are being evaluated and a joint marketing agreement will be drawn up to facilitate joint sales.

New name for the Italian Regulator

The new government in Italy has renamed the Ministry which is responsible for approvals and permitting of activities carried out by energy companies to: The Ministry of the Environment and Energy Security, previously the Ministry of Ecological Transition. The new Minister of the Environment and Energy Security is Gilberto Pichetto Fratin. The new name of the Ministry (which is subject to a final decree) signals a change in emphasis and attitude by the Italian authorities towards natural gas, which has been acknowledged by the EU as the transition fuel to move Europe towards the decarbonisation of energy supply. This is a positive move as Europe and Italy in particular address the energy shortfalls being experienced because of world events over the past year.

* * ENDS * *

For further information visit www.prospex.energy or contact the following:

Mark Routh

Prospex Energy PLC

Tel: +44 (0) 20 7236 1177

Ritchie BalmerRory Murphy

Strand Hanson Limited

Tel: +44 (0) 20 7409 3494

Andrew Monk (Corporate Broking)Andrew Raca/Alex Cabral (Corporate Finance)

VSA Capital Limited

Tel: +44 (0) 20 3005 5000

Colin RowburyJon Belliss

Novum Securities Limited

Tel: +44 (0) 20 7399 9427

Susie GeliherAna Ribeiro

St Brides Partners Limited

Tel: +44 (0) 20 7236 1177


Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low-cost re-evaluation techniques to identify and de-risk prospects. The Company will rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.

About Selva:

The Podere Gallina Licence is in the Po Valley region of northern Italy. The licence contains the currently shut‑in Selva gas-field as well as exciting exploration and development opportunities. The Podere Maiar-1 well at Selva was completed in December 2017 and successfully found a commercial gas accumulation up-dip of the previous wells on the Selva field. The Company has a 37% working interest in the Podere Gallina licence.

The Podere Gallina Licence holds independently verified 2P gross reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI) in Selva, gross Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further 88.2 Bcf of gross Best Estimate Prospective Resources (un-risked) (32.6 Bcf net).[1]

An independent Competent Person's Report of the Podere Gallina Licence was prepared by CGG Services (UK) Limited in January 2019 on behalf of the joint venture.[1] It attributed a total of 379 MMscm (13.4 Bcf) gross 2P reserves for the Selva redevelopment project.


[1] Source: "Competent Person's Report Podere Gallina Licence, Italy" prepared by CGG Services (UK) Limited in January 2019 https://bit.ly/3nZNfYf].


scm Standard cubic metres

MMscm Million standard cubic metres

Bcf Billion standard cubic feet

MMscfd million standard cubic feet per day

Qualified Person Signoff

In accordance with the AIM notice for Mining and Oil and Gas Companies, the Company discloses that Mark Routh, the CEO and a director of Prospex Energy plc has reviewed the technical information contained herein. Mark Routh has an MSc in Petroleum Engineering and has been a member of the Society of Petroleum Engineers since 1985. He has over 40 years operating experience in the upstream oil and gas industry. Mark Routh consents to the inclusion of the information in the form and context in which it appears.

The updated Corporate Presentation for Q4-2022 is available on the Company's website at https://www.prospex.energy/home/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.


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23rd Nov 2022 7:00 am RNS Italy: Selva Field Development Update
11th Nov 2022 7:00 am RNS Warrego Energy interests in Spanish assets
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