REG - Prospex Energy PLC - Formal Offer of onshore Polish licences

Prospex EnergyAnnouncement

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RNS Number : 7772X  Prospex Energy PLC  24 March 2026

Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

24 March 2026

 

Prospex Energy plc

("Prospex" or the "Company")

 

Formal Offer of onshore Polish licences

San and Dunajec Licence Offers Advance Prospex's Expansion into Poland

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on
European gas and power projects, is pleased to announce 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 Pławowice. The licence acreage awarded to PXEN
Tatra includes the undeveloped Mnisow oil discovery.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

* * ENDS * *

 

 

For further information visit www.prospex.energy (http://www.prospex.energy)
or contact the following:

 

 Tom Reynolds                      Prospex Energy PLC            Tel: +44 (0) 20 7236 1177
 Ritchie Balmer                    Strand Hanson Limited         Tel: +44 (0) 20 7409 3494

Rory Murphy
 Andrew Monk (Corporate Broking)   VSA Capital Limited           Tel: +44 (0) 20 3005 5000

Andrew Raca (Corporate Finance)
 Neil Passmore                     Hannam & Partners             Tel: +44 (0) 20 7907 8500

 Leif Powis
 Ana Ribeiro / Charlotte Page      St Brides Partners Limited    Tel: +44 (0) 20 7236 1177

 

Notes

 

Prospex Energy PLC is an AIM quoted investing company focussed on high impact
onshore and shallow offshore European opportunities with short timelines to
production.  The Company's strategy is to acquire undervalued projects with
multiple, tangible value trigger points that can be realised within 12 months
of acquisition and then applying low-cost re-evaluation techniques to identify
and de-risk prospects.  The Company will rapidly scale up gas production in
the short term to generate internal revenues that can then be deployed to
develop the asset base and increase production further.

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