Prospex Energy PLC announced that the final safety checks conducted by UNMIG and the local Fire Department on the gas facility at the Selva field in the Po Valley region of northern Italy have been successfully completed. Additionally, the Italian Energy Ministry, The Ministry of Environment and Energy Security ("MASE") has issued formal documentation, enabling the commencement of production from the Podere Maiar-1 ("PM-1") gas facility at the Selva field. Now that MASE has signed and issued the final approval documentation, a mandatory 8-day period is required to finalise all administrative matters before production can begin.

Therefore, the operator of the Selva Malvezzi production concession, Po Valley Operations Pty Limited anticipates that the gas production ramp-up at PM-1 will commence in early July 2023. A slickline unit has been mobilised to the well site and has commenced the necessary activities to allow gas production to start. The Company will provide further market updates once production has commenced.