Prospex Energy plc plans to expand its onshore oil and gas portfolio with exploration licences in Poland.
EXPERIENCE
The company said it had identified “attractive” prospective blocks with proven gas production, high potential prospectivity in the targeted geological horizons, and high potential to unlock new reserves to bring onstream within two to three years.
The licence applications will be initially submitted on 100% working interest with expected grant by Q1 2025, if successful.
Prospex is also signing an letter of intent with AGH University of Kraków to improve co-operation with the Department of Geology, and granting access to “high-powered academic capability”.
Funding is entirely from the company’s production income.
“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,” added chief executive Mark Routh.
“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.
“The company’s strategy is to add additional geographic reach to the existing portfolio of producing assets in a cost-effective manner.”
Prospex began the process in November 2023 when its board approved a low-cost plan to apply for licences in Poland.
Following a visit to the dataroom at the Polish Geological Institute in Warsaw during the second week of January 2024, the company incorporated its wholly owned subsidiary PXEN Tatra in March.
The company is named after Tatra National Park and the Tatra mountain range in southern Poland, bordering Slovakia.
On 21 May Prospex applied for the pre-qualification to apply for licences and secured qualification on 3 October.
The company also engaged a country manager in April to join its existing Poland-based consultant reservoir geologist within the technical team.