Prospex Oil and Gas PLC Update on Kolo Licence, Drilling Contract Award (8827J)
September 15 2016 - 1:01AM
UK Regulatory
TIDMPXOG
RNS Number : 8827J
Prospex Oil and Gas PLC
15 September 2016
Prospex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil
and Gas
15 September 2016
Prospex Oil and Gas Plc ('Prospex' or the 'Company')
Update on Kolo Licence, Drilling Contract Award
Prospex Oil and Gas Plc, the AIM quoted investment company, is
pleased to provide an update on its investment in the Boleslaw-1
well, located in the 1,150 sq km Kolo Licence ('Kolo'), onshore
Poland, which remains on track to be drilled in Q4 2016. Kolo is
100% owned by Strzelecki Energia Sp z.o.o ('Strzelecki'), a wholly
owned subsidiary of Hutton Poland Limited ('Hutton') in which
Prospex holds a 49% interest.
Prospex has been advised by the directors of Hutton that
Strzelecki, the licence holder of the Kolo concession, has signed a
drilling contract with Poland's Exalo Drilling SA ('Exalo') to
drill the Boles aw-1 exploration well. Exalo will perform the work
with its Cooper LTO 550 rig. This Strzelecki operated well is
targeting gas in Santonian and Campanian sands and is expected to
take 32 days to reach the total depth of around 1,500 meters. The
Boles aw-1 permitting effort is on track with the drilling
programme approval by the Ministry of Environment expected later
this month. This is another important milestone of the permitting
process, which once approved will allow Strzelecki to file the
final application for the drilling permit (Plan Ruchu). The signing
of this drill contract allows Exalo to place orders for a number of
long lead items. The rig is expected to arrive on site in November
and the well spudded shortly after.
Prospex non-executive Chairman, Bill Smith, said "Signing this
drill contract with Exalo represents another key achievement in the
advancement of Boleslaw-1 as we continue to target the commencement
of drilling later this year. Having secured the surface access for
the proposed drill site in August, we are delighted with the
consistent progress that is being made in advancing this asset.
With two mapped reservoirs and a priority target on-track for
drilling in Q4 2016 we believe that the Kolo licence is
demonstrating its investment value and we look forward to keeping
shareholders updated with continued progress in due course."
* * ENDS * *
For further information visit www.prospexoilandgas.com or
contact the following:
Edward Dawson Prospex Oil and Gas Tel: +44 (0) 203
Plc 586 1009
Katy Mitchell WH Ireland Limited Tel: 0113 394
Nick Prowting WH Ireland Limited 6600
Jay Ashfield WH Ireland Limited
Tel: +44 (0)
207 220 1658
Jon Belliss Beaufort Securities Tel: +44 (0) 207
Limited 382 8300
Lucy Williams Peterhouse Corporate Tel: +44 (0) 207
Charles Goodfellow Finance 469 0932
Eran Zucker Peterhouse Corporate
Finance
Peterhouse Corporate
Finance
Charlotte Heap St Brides Partners Tel: +44 (0) 20
Frank Buhagiar Ltd 7236 1177
St Brides Partners
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
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