Prospex Energy (PXEN) has been formally awarded the onshore San licence in southern Poland, marking its entry into a third European country.
The award, granted to the company’s wholly owned subsidiary PXEN Tatra, follows the announcement in March and represents the first of two licence applications in the region. Meanwhile, the administrative process for the Dunajec licence remains ongoing, with further updates expected in due course.
The San and Dunajec licence areas are located in a proven gas-producing region with existing infrastructure. The licences sit within the Carpathian foredeep, one of Poland’s most prolific gas plays, although activity in the area has been limited since 2000. As a result, the company plans to apply modern imaging, evaluation and development techniques to unlock potential resources.
Prospex is currently gathering historic data across both licence areas to support future work programme planning. Going forward, the company expects this to underpin exploration and development activity aimed at identifying commercial opportunities.
Prospex’s Chief Executive Officer Tom Reynolds said: “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.”
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This licence award marks a clear step in Prospex’s European growth strategy, adding Poland to its existing footprint. Furthermore, the focus on a proven but underexplored basin, combined with modern techniques, suggests potential upside if exploration activity delivers results.