Italian govt clears United's gas field sale to Prospex
United Oil & Gas announced on April 7 it had received approval from Italy's government to transfer a 20% stake in the Podere Gallina licence containing the Selva gas field to fellow London-listed player Prospex Energy.
Selva, situated in the Po Valley region of north Italy, is expected to come on stream in early 2023, about a year later than previously planned because of a delay to the project's tie-in to the national gas grid.
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The field is operated by Po Valley Energy with a 63% interest. Once the sale is completed, Prospex will raise its share from 17% to 37%. The sales price is €2.2mn ($2.4mn).