Prospex Energy (PXEN) has been formally offered the San and Dunajec onshore licence areas in southern Poland, marking a step forward in its expansion into the country’s gas and oil sector.
The AIM-quoted investor said its wholly owned subsidiary, PXEN Tatra, has accepted the offers, with the Polish regulator now expected to complete the formal award process by April or May 2026.
The licences were identified following a technical review and applications submitted in 2025. Both the San and Dunajec areas sit within proven hydrocarbon regions with existing infrastructure and established production history, supporting Prospex’s strategy to build exposure to European energy assets.
The company highlighted that PXEN Tatra will hold a 100% working interest, allowing flexibility to introduce farm-in partners to fund exploration and development. In addition, limited activity across the licences since 2000 provides scope to apply modern seismic imaging and evaluation techniques.
The Dunajec licence includes a shallow, undeveloped oil discovery at Mnisow, which could offer a faster route to initial production. The San licence, meanwhile, targets the Carpathian foredeep gas play, where nearby discoveries have ranged from a few billion cubic feet to about 200 billion cubic feet of gas initially in place.
A fee of about €289,000 will be payable on formal award, which Prospex intends to fund from existing cash resources following its recent raise.
Prospex Energy’s CEO Tom Reynolds said: “This offer of acreage in Poland represents a ground floor entry into highly prospective licences and is a credit to Prospex's in country team which has extensive exploration experience in Poland and is very familiar with the regional geology and the regulatory environment. Poland is well known for its hydrocarbon resources and has a regulatory regime that is supportive of natural gas investment, as the nation focuses on ensuring energy security.
“Following the award, we will progress the work programmes which we anticipate will be funded from the expanded production income from our broader asset portfolio and from inviting farm-in partners to participate in the licences.”
Looking ahead, Prospex plans to advance work programmes on the blocks while seeking joint venture partners to support development, leveraging its in-country technical team to drive early-stage progress.
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This marks a strategic entry into Poland for Prospex, adding early-stage but potentially high-impact acreage in a well-established hydrocarbon basin. The combination of 100% ownership, existing discoveries and partner funding optionality gives the company flexibility, while near-term milestones now hinge on formal licence award and initial work programme execution.