Prospex Energy, the AIM quoted investing company focused on European gas and power projects, has announced that its wholly owned subsidiary, PXEN Tatra Sp z.o.o. ('PXEN Tatra') has been formally offered the San and Dunajec onshore licence areas in Poland. PXEN Tatra has accepted the offered licences, and the regulator will now start the procedure to formally award the licences to Prospex.
The two licence areas were identified following an extensive review by the Company's technical team. Licence applications were submitted in 2025. The license areas are located onshore in southern Poland and offer the opportunity to identify additional energy resources in Europe - in line with the Company's investment thesis as described in the recent letter to shareholders.
San and Dunajec Licences Investment Highlights
- 100% ownership by PXEN Tatra, providing the opportunity to introduce partners and funding for work programmes;
- Located in areas which have proven gas production and associated infrastructure with high prospectivity in the target geological horizons;
- Limited activity since 2000 allows Prospex to benefit from the application of modern imaging, evaluation and development techniques;
- An active oil field service community capable of supporting early progress on the assets and prompt development of any discovered resources; and
- The Dunajec licence includes a shallow, undeveloped oil discovery which offers Prospex the potential opportunity to accelerate the timing to first production from the new licences
The administrative procedure to formally award the licences is expected to conclude in April/May 2026. A fee of c. €289,000 is payable on award, which the Company plans to pay from cash on hand from the recent raise.
Tom Reynolds, Prospex's CEO, commented:
"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."
Further Information on the licences
When the licences are formally awarded, PXEN Tatra will hold a 100% working interest in both, and the Company's primary strategy will be to introduce joint venture partners to advance activity on the blocks.
The work programmes have been designed to maximise the chance of success of commercial discoveries whilst maintaining control of costs. The Company has an experienced Country Manager and a consultant Reservoir Geologist, both based in Poland, to manage and advance the licences.
San & Dunajec Licence Locations
The San and Dunajec licences are located in southern Poland within the Carpathian foredeep geological play. This is one of the most prolific gas plays in the country, where many gas fields were discovered.
San Licence
The San licence covers the foredeep gas play, where hydrocarbon fields were discovered in structural and stratigraphic traps. Historical discoveries in the vicinity of the San licence range from a few billion cubic feet ("Bcf") to 200 Bcf of gas initially in place ("GIIP").
'Dunajec' Licence
The Dunajec licence is 1182 sq. km and covers Miocene gas play and Cretaceous/Jurassic oil and gas play. The larger oil fields were discovered in the Carpathian Grobla and Plawowice. The licence acreage awarded to PXEN Tatra includes the undeveloped Mnisow oil discovery.
Source: Prospex Energy
