28th Apr 2016 07:37
LONDON (Alliance News) - Prospex Oil & Gas PLC on Thursday said Hutton Poland Ltd has been formally awarded the Kolo licence in Poland.
Prospex owns a 49% stake in Hutton Poland.
Prospex said it has been advised by Hutton that the Boleshaw prospect at the project is ready for drilling, with a location for the first drilling to be determined. The first well is set to be drilled in 2016, subject to environmental approval.
"We are delighted that the licence has been finalised. This will really allow the work on the ground to continue at a pace and we look forward to providing further updates to our shareholders," said Prospex Chairman Bill Smith.
Prospex shares were up 18% to 1.71 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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