Prospex Energy, the AIM quoted investing company focused on European gas and power projects, announces that its wholly owned subsidiary PXEN Tatra Sp z.o.o. has been formally awarded the San onshore licence area in Poland. The administrative process for the award of the Dunajec licence is ongoing, and Prospex will provide further updates in due course. 

This first licence award is the next step in Prospex's strategic expansion into a third European country. The San and Dunajec licences are located onshore in southern Poland in areas with proven gas production and associated infrastructure. With high prospectivity in the target geological horizons and limited activity since 2000, Prospex intends to use modern imaging, evaluation and development techniques to support resource discovery and development. The Company is currently gathering historic information on both licences to assist work programme planning.

Tom Reynolds, Prospex's CEO, commented:
"We are delighted to have officially been granted the San licence, formalising our expansion into Poland and adding a third European jurisdiction to our investment portfolio. San and Dunjac are located in one of the most prolific gas regions in Poland and we are confident that our team's knowledge and experience coupled with the benefit of modern exploration and development techniques will enable us to unlock strategic energy resources at a time of rising market demand in Europe. I look forward to providing further updates on work programmes and our plans to unlock the commercial potential of the licences."

PXEN Tatra holds a 100% working interest in the San licence and subject to the licence being formally granted, will hold a 100% working interest the Dunajec licence. Both licences are located in southern Poland within the Carpathian foredeep geological play, one of the most prolific gas plays in the country where many gas fields have been discovered.

As an investment company, Prospex intends to introduce joint venture partners.  

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