8th Jan 2016 08:18
LONDON (Alliance News) - Investment company Prospex Oil & Gas PLC on Friday said it agreed its first conditional acquisition since converting into an AIM investing company in April last year with a deal to buy a 49% stake in Hutton Poland Ltd.
Prospex will pay a total of GBP620,000 in cash for the 49% stake, with GBP130,000 to be paid initially and the balance to be deferred up to the end of August.
Hutton has stakes in a number of exploration licences in Poland, including the Kolo licence area in the Polish Central Lowlands.
"Following the review of many projects we are delight to make our first investment into Hutton Poland Ltd. We are very much looking forward to the partnership. Hutton are a proactive group with good working relationships in country," said Bill Smith, Prospex's chairman.
Shares in Prospex were up 23% to 2.21 pence on the news, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PGR.LPXOG.L