Prospex Oil and Gas drilling plan approved

Prospex Oil and Gas, an AIM listed investment company, has announced that it has received approval for its well drilling plan by the Polish Mining Authority.

The company has invested in a 1,150 square km Kolo license, onshore Poland. The approval represented the final regulatory milestone ahead of drilling Boleslaw-1,which is targeting gas in an active petroleum system.

Boleslw-1 is on track to be drilled in December 2016 not that well pad construction is underway and n schedule.

In the comptetent person’s report (CPR), AGR modelled production scenarios at 3,333-6,666 barrels of oil (boe) per day from a single well and assigned a Net Present Value range of between $44m and $95m.

Kolo is 100% owned by Strzelecki Energia, a wholly owned subsidiary of Hutton Poland Limited in which Prospex holds a 49% interest.

The share price rose 23.30% to 2.71p at 1434 GMT on Friday.