Prospex Energy PLC announced that Po Valley EnergyLimited (Po Valley Energy) has successfully completed the ramp-up and commissioning process at the Podere Maiar-1 ("PM-1") gas facility of the Selva Field. Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of Po Valley Energy, is the Operator of the Selva Malvezzi production concession with a 63% working interest, while Prospex has the remaining 37% working interest. PVO announced early this morning that the ramp-up and commissioning phase of its PM-1 gas facility in the Selva Malvezzi Production Concession, located in the Po Valley plains of northern Italy, is complete.

The ramp-up and commissioning process progressed in a seamless manner and concluded with a scheduled three-day shut down and removal of memory gauges from the lower C2 production zone. A slick line rig attended site during the last day of the shut-down period to complete this successful work programme with memory gauge removal and acquisition of pressure /temperature gradient data after which production at the PM-1 facility recommenced. Analysis and understanding of data from the memory gauges removed from the well and pressure /temperature gradient are important data points for long term reservoir behaviour and determining associated production levels.

This data is being analysed in order to determine optimal and long-term production levels. It is expected that this analysis will take approximately three weeks. In the interim period, stable production at PM-1 will continue at approximately 72,000 scm/d. Gas produced during the ramp-up period is estimated to be 1,800,000 scm, however, this amount is subject to final reconciliation with commercial stakeholders via standard commercial processes.

PM-1 sold 100% of this gas to BP Gas Marketing under the 18-month gas supply agreement. With gas production commencing 4 July 2023 and ramp-up and commissioning concluding 4 August 2023, PVE and Prospex can look forward to initial gas production cashflows before the end of August 2023. The Company will update shareholders on the production rates in the coming months.