AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
- Highlights:
- Prospex expands into Poland: PXEN Tatra secures pre-qualification to apply for onshore hydrocarbon licences.
- Targeted onshore gas reserves: Focus on high-potential areas with proven gas production and untapped reserves.
- Licence applications expected: Formal applications to the Ministry of Climate and Environment are due by the end of October, with potential results by Q1 2025.
AIM-listed energy investment firm Prospex Energy (LSE:PXEN) has officially expanded into its third European market following a strategic move to apply for hydrocarbon exploration licences in Poland. This comes after its subsidiary, PXEN Tatra, secured the necessary pre-qualification to apply for onshore exploration licences.
Key Milestones and Future Plans
Prospex, which incorporated PXEN Tatra in March, had initiated the application process in May 2024 by submitting a request to the Warsaw regulator for pre-qualification. On 3 October 2024, PXEN Tatra officially secured the qualification, enabling it to apply for licences that cover onshore open acreage hydrocarbon exploration. The company has identified high-potential areas with proven gas production and significant geological prospectivity.
Prospex plans to submit formal applications to the Polish Ministry of Climate and Environment by the end of October 2024, with the goal of unlocking new gas reserves and bringing them onstream within the next two to three years.
CEO's Outlook and Strategic Expansion
Mark Routh, the CEO of Prospex Energy, expressed optimism about the company's expansion into Poland, noting that the technical team has identified attractive onshore areas for exploration. "This expansion is a significant step for Prospex, and we are eager to see the positive results of the applications, with an anticipated outcome in Q1 2025," Routh said.
Next Steps and Timeline
Further details on the specific blocks Prospex aims to acquire will be provided once formal applications are submitted. If successful, the company could see gas production coming online in the next few years, further solidifying its presence in the European energy sector.
