Po Valley raises A$4.5mn for Italian gas project
Australia’s Po Valley Energy has received firm commitments to raise A$4.5mn ($3.13mn) via a share placement to develop the Podere Maiar gas field at its 63%-owned Selva Malvezzi concession in Italy, the company said on August 10.
The capital raise will allow Po Valley to complete the construction of the gas plant and pipeline which will facilitate the first gas at the Podere Maiar - 1 facility. It will help progress geology and geoscience work programmes on Selva North, South and East and explore mechanisms to realise value at Teodorico via joint-venture or asset sales. The capital will also help plan for a 3D seismic programme on the greater Selva Malvezzi concession, Po Valley said.
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“Po Valley Energy is on track to connect Podere Maiar 1 well to the grid and supply Italy with much-needed domestic gas as the country moves towards greater energy security. We are looking forward to gas production in the first half of 2023,” Po Valley Chairman Kevin Bailey AM said.
Last month, Po Valley's partner in the project Prospex Energy secured £1.87mn ($2.3mn) in unsecured convertible loan notes.
Eni shut-in the Selva gas field in 1984. As of 2019, the area was estimated to contain a proven and probable reserve potential of around 13.3bn ft3, with daily output expected to reach up to 150,000 m3/d.