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Prospex Energy plc (LSE:PXEN) has reported consistent gas production from its Selva Malvezzi concession in Italy, with the Podere Maiar-1 well maintaining an average daily production rate of 77,292 standard cubic meters (scm). The company’s production strategy is bolstered by a stable revenue stream, and it is making further progress on its growth ambitions.
The company has applied for drilling permits for four new wells and is preparing for a 3D geophysical survey. The survey is aimed at refining drilling targets and improving subsurface mapping, which could drive more efficient development. These initiatives are in line with Prospex Energy’s broader strategy to expand its production capacity and capitalize on favorable market conditions, ultimately enhancing shareholder value.
About Prospex Energy plc
Prospex Energy is an investment company listed on AIM, focused on high-impact oil and gas opportunities in onshore and shallow offshore European markets. The company targets undervalued projects with clear value triggers, typically aiming for quick, low-cost re-evaluations to unlock their potential. By rapidly scaling production, Prospex seeks to generate internal cash flow that will fund further asset development and production growth.
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Year-to-Date Share Performance: -23.97%
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Average Daily Trading Volume: 889,627 shares
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Technical Sentiment Indicator: Buy
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Market Capitalization: £22.34 million
