4th Oct 2024 18:15
(Alliance News) - Prospex Energy PLC on Friday announced it has qualified to apply for onshore open acreage hydrocarbon exploration licences in Poland.
The Europe-focused gas and power project investor said it secured the qualification following its acquisition of PXEN Tatra in March, now a 100% owned Polish subsidiary. In May, Prospex applied to the regulator in Warsaw for pre-qualification to apply for licences in Poland.
Prospex has identified prospective blocks for acquisition in areas that have proven gas production, high potential prospectivity in targeted geological horizons, high potential for new reserves to be unlocked and that can be brought on-stream within two to three years.
The company expects the licences to be granted by the first quarter of 2025.
Chief Executive Officer Mark Routh said: "After several months of preparation, I am very pleased to announce that Prospex is applying for licences to search for and develop onshore natural gas in a third European nation. Poland is well known for its hydrocarbon resources and has a regulatory regime which is supportive of natural gas investment with a track record in quickly approving permits for hydrocarbon exploitation activities as the nation focuses on its security of energy supply.
"There are several reasons for choosing to expand into Poland, aside from the favourable regulatory environment and prospective hydrocarbons, one of them being our experience in country. The Prospex senior team has valuable prior exploration experience in Poland and is very familiar with the regional geology and importantly, the regulatory environment. During the operational phase in 2016, Prospex met all local regulatory commitments, which puts the company in a good position to leverage the experience and relationships gained at that time."
Shares in Prospex Energy closed 0.3% lower at 5.73 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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