Prospex Energy PLC (AIM:PXEN) shares strengthened in Monday morning’s dealing after the company reported a successful ramp-up at the Podere Maiar-1 gas facility, at its 37%-owned Selva Field in Italy.
The company, in a statement, said a four-week ramp-up and commissioning programme was completed during the week ending 4 August, with production currently forecast at around 72,000 cubic metres per day.
A detailed analysis of well data is currently underway with results expected within three weeks, the company said.
"I am very pleased that Po Valley Energy has completed the ramp-up and commissioning process at the PM-1 gas facility of the Selva field,” said Prospex chief executive Mark Routh.
“The final transition to ongoing production at PM-1 is underway which marks a major milestone for both Po Valley and Prospex. The ongoing production from PM-1 is an outstanding platform from which the joint venture can actively pursue the exploration and development of nearby lookalike wells.”
Routh added: “We have now delivered a key step in the company's strategy to become a diversified energy producer with multiple producing assets principally in lower risk, onshore European markets with ready access to infrastructure.”
In London, Prospex shares were up 7.4% on Monday, changing hands at 6.18p which values the small-cap energy company at just under £18 million.