Prospex Energy gets green light to apply for Polish licences

4th Oct 2024 08:42

(Sharecast News) - AIM-listed energy investment firm Prospex Energy has officially expanded into its third European country after its subsidiary PXEN Tatra secured the qualification to apply for licences in Poland.

PXEN Tatra, which was incorporated into Prospex in March, had applied to the Warsaw regulator in May for the pre-qualification to apply for onshore open acreage hydrocarbon exploration licences in the country.

Prospex said it officially secured the qualification on 3 October, and the company has identified and hopes to acquire "prospective blocks with proven gas production, high potential prospectivity in the targeted geological horizons, high potential for new reserves to be unlocked and can be brought onstream within two to three years".

More details will be announced when official applications are submitted to the Ministry of Climate and Environment, expected before the end of October 2024.

"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," said Prospex's chief executive Mark Routh.

"The Prospex technical team has identified attractive onshore areas for the application and we hope to be able to announce a positive outcome from the applications in Q1 2025."