UK-based investment firm Prospex Oil and Gas said today that drilling had started on an appraisal well in Italy.
London-listed said the well in the Po Valley was spudded this morning.
Prospex holds a 17% interest in the Podere Gallina permit, where the well is located.
Po Valley Energy is the operator.
The well should be completed within 20 to 25 days.
Prospex non-executive chairman Bill Smith said: “Having farmed-in to the highly prospective Podere Gallina permit less than a month ago, we are delighted that the Podere Maiar well has already spudded. With drilling operations also underway at our 50% owned Bainet-1 well, onshore Romania, Prospex has material interests in two low cost wells currently being drilled in proven hydrocarbon regions and close to existing infrastructure and markets. We are delivering on our strategy to expose our shareholders to value trigger events, and I look forward to providing further updates on our progress in the coming weeks.”