Po Valley Energy Limited has received the penultimate approval for production at the Podere Maiar gas field located in onshore northern Italy, which lies within the Selva Malvezzi Production Concession ('Selva'). Prospex holds a 37% working interest in the Podere Gallina Exploration Permit with the Operator holding the remaining 63%. Emilia Romagna Regional Council approves INTESA (local government production agreement) for the Podere Maiar gas field at Selva.

INTESA is a prerequisite for Italy's Ecological Transition Ministry ('MiTE') to grant a Final Production Concession at Podere Maiar. Final Production Concession will allow Po Valley to install gas plant and a 1km pipeline - contract negotiations are underway to complete this. The company expects first gas from Podere Maiar in the first half of 2023, subject to final approval.