Prospex Oil and Gas has kick-started its onshore drilling campaign in Poland.
The firm spudded its Boleslaw-1 well in the 1,150 sq km Kolo licence.
Prospex non-executive chairman, Bill Smith, said “We are delighted to announce that drilling at Boleslaw is now underway, on time and on schedule.
“It was only in May 2016 that we announced our intention to make an acquisition in the natural resources space and a little over six months later, we are participating in our first drill. To have reached this point in such a short space of time is testament to the quality of the management team and their ability to identify highly prospective undervalued projects in Europe. The Kolo licence was the first investment we made under our amended policy and it will not be the last. I look forward to providing further updates on our progress, as we look to build a leading oil and gas investment company.”
Boleslaw-1 is targeting gas in an active petroleum system and the Boleslaw prospect has been independently assigned a gross Prospective Resource[1] (best estimate) of 87 bscf.
Two reservoir sandstones at depths of 900m (Santonian) and 1,400m (Deep Cretaceous) have been mapped at Boleslaw, which has been assigned an Economic Monetary Value of between $7.1million and $12.2million.
