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Highlights
- Australia-listed PVE started gas production at its Podere Maiar-1 facility in Italy on 4 July 2023
- The company states the development would provide it with "maiden revenue" from its Selva Malvezzi Production Concession
- PVE intends to progress further with respect to other projects within the concession
Po Valley Energy Limited (ASX: PVE), an Australia-listed natural gas explorer with interests in Italy, has announced the commencement of gas production at its Italy based Podere Maiar–1 (PM-1) gas facility.
The facility delivered first gas on 4 July 2023.
The facility is situated in PVE's Selva Malvezzi Production Concession, which is in Italy’s Po Valley region. Notably, the company is supplying gas to the domestic Italian gas market as part of a gas supply agreement (for 18 months) with BP Gas Marketing.
It is pertinent to note that the first delivery follows the successful sign-off from UNMIG and the Fire Department. This ensures compliance with all the requisite safety and operational requirements, PVE states.
Source: Company update
Successful Transition to Gas Producer
Po Valley Energy, which is working in Italy to boost the country's domestic gas supply, has started gas production from its PM-1 facility. This follows the "full go-ahead" from the Ministry that empowers the company to be an authorised gas producer from its Selva Malvezzi production concession situated PM-1.
Source: Company update
It has also been stated that the requisite approvals were delayed due to the flooding in other areas of the Emilia Romagna region. It is pertinent to note that construction and grid connection of PM-1 to the SNAM grid was successfully completed earlier this month. The company has stated that all these activities were achieved on schedule and within 3% of the budget.
The company plans to "actively monitor" production parameters for the purpose of establishing the optimal flow rate and sustainable production levels. PVE states that by settling on a sustainable flow, it is looking to maximise the production potential of the Selva Malvezzi Production Concession.
Source: Company update
Separately, it has been mentioned that PVE is assessing the best possible way to realise value from its fully owned Teodorico (AR94PY) asset, either through a joint venture or sale.