Prospex Energy is advancing its mission to unlock energy potential by expanding operations into Poland, marking its entry into a third European nation.  This move leverages Poland’s proven resources, favourable regulatory environment and cost-effective opportunities to develop gas assets.

Prospex has identified two promising onshore licence areas that align with its rigorous investment criteria, namely:

– Proven gas production

– High prospectivity within targeted geological horizons

– Significant potential for unlocking new reserves

– Near-term production potential, with a timeline of 2–3 years

Applications for two licence areas were submitted to the regulator in Warsaw through Prospex’s 100% owned Polish subsidiary PXEN Tatra in October 2024.  To be able to apply for licences in Poland, PXEN Tatra had to apply to the regulator in Warsaw for pre-qualification for licence applications.  This pre-qualification process, which involved the verification of Prospex’s technical and financial capability, commenced in May 2024 and on 3 October 2024 Prospex officially secured the qualification to apply for licences in Poland.  Once the Ministry has considered the applications they will be publicly gazetted and considered for award.  If successful, Prospex expects the licences to be granted by Q1 2025.  Initially, PXEN Tatra will hold a 100% working interest.

In support of future development, Prospex has bolstered its in-country team and undertaken a number of studies.  The company conducted comprehensive geological analysis at the Polish Geological Institute and has engaged a local geotechnical firm to develop compliant geological work programmes, ensuring alignment with industry and regulatory standards.  Prospex has also appointed a Country Manager, incorporated local expertise into its technical team and has formed a partnership with AGH University of Kraków, leveraging the institution’s academic capabilities in geology to enhance its technical and research capacity.

Why Poland?

– Low Geological Risk: Single-event depositional reservoirs reduce exploration uncertainties.

– Cost-Effective Drilling: Shallow, young reservoirs minimise operational costs.

– Favourable Business Climate: Poland’s fiscal regime supports natural gas investment and energy security goals.

-Strategic Experience: Prospex’s leadership team brings prior exploration success and familiarity with Poland’s geology and regulatory framework, gained during operations in 2016.

Why PXEN Tatra?

In March 2024, Prospex registered a wholly owned subsidiary company called PXEN Tatra Spółka Z Ograniczoną Odpowiedzialnością (“PXEN Tatra”) or PXEN Tatra Sp. Z o. o. (which translates to PXEN Tatra Limited Liability Company).  The company has been named after the Tatra National Park and the Tatra mountain range in southern Poland, which form a natural border between Slovakia and Poland.