14th Jul 2016 09:17
LONDON (Alliance News) - Natural resources investment company Prospex Oil & Gas PLC on Thursday said its focus is on making progress on the Kolo oil and gas project in Poland.
Chief Executive Edward Dawson, in a statement ahead of the company's annual general meeting, said the immediate focus for the firm will be on the Kolo project in Poland.
In January, Prospex paid GBP620,000 to acquire a 49% stake in Hutton Poland Ltd, which owns stakes in a number of exploration licences in Poland, including the Kolo licence area in the Polish Central Lowlands.
Dawson said the Kolo prospect "ticks all the boxes" for its investment plans and, over coming weeks, expects further updates to come from Hutton Poland as local land owners sign access agreements and drill contracts are awarded.
"With funds in the bank, a defined strategy in place, and the drilling of the first well at Kolo approaching, I am looking forward to the future with confidence and would like to thank shareholders for their continued support," he said.
Shares in Prospex were up 7.0% to 1.19 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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