Prospex has been given the drilling go-ahead in Poland.
The Ministry of Environment approved plans to drill the Boleslaw-1 well in the 1,150 sq km Kolo Licence, onshore Poland.
Chairman, Bill Smith, said: “Government approval represents another major milestone achieved, as we look to drill what our Competent Person described as ‘a worthwhile and attractive exploration opportunity’.
“Together with confirmation that well pad construction is to commence in the next few weeks, Boleslaw-1 remains on track to be drilled in Q4 2016.
“In tandem with the progress being made at Kolo, we continue to evaluate other opportunities which match our investment criteria: specifically undervalued projects in Europe that would benefit from low cost re-evaluation/re-working with short timelines to production and multiple value trigger points within 12 months of acquisition. This is an exciting time for Prospex as we look to build a leading oil and gas investment company, and I look forward to providing further updates on our progress.”
The well will be targeting Boleslaw, which is a drill ready gas prospect with two mapped reservoirs that was assigned a gross best estimate of 87 bscf and a risked current valuation ranging from £5.7m to £9.1m (net to Prospex).
