Prospex Oil and Gas (GB:PXEN) has released an update.
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Prospex Energy PLC has announced that the Italian Ministry of Environment and Energy Security has not appealed the annulment of the Plan of Areas, a regulatory framework that previously restricted hydrocarbon activities in Italy. This unchallenged annulment is seen as a positive sign for the government’s support of domestic gas production, which may benefit Prospex’s interests, particularly their 37% working interest in the Selva Malvezzi production concession. The company anticipates this development will aid in addressing Europe’s energy security challenges while advancing their natural gas projects in Italy.
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