Update on Kolo Licence, onshore Poland
Placing to Raise
Prospex has been advised by the directors of Hutton that Strzlecki, the licence holder of the Kolo concession, has entered into a lease agreement with the land owner at the proposed location of the Boleslaw-1 well. The term of the lease is four years with the option to extend this as required as part of a producing gas field development. The next steps will involve pad construction and the securing and mobilisation of the drill rig ahead of the commencement of drilling operations in Q4 2016. Further updates will be provided to the market in due course.
To support its investment in the Kolo Licence and wider strategy to build a portfolio of high impact, onshore and shallow offshore European opportunities, the Company has successfully completed, subject only to admission, a placing to raise approximately
Following the issue of the New Ordinary Shares, the total number of shares in issue is 285,785,836. There are no shares held in treasury, therefore, the total number of voting rights in the Company is 285,785,836 . This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.
Prospex non-executive Chairman,
"The Kolo Licence represents an excellent first investment for Prospex and we were delighted with the appetite for this oversubscribed placing. The funds raised place the Company in a strong position to reach further significant milestones in the development of this asset, as we continue to build a portfolio of high impact onshore and shallow offshore European opportunities with short timelines to production. With this in mind, we are evaluating other investments, specifically undervalued projects where low cost re-evaluation/re-working of historic exploration offer scope for tangible value trigger points and material value uplift for stakeholders within 12 months of acquisition. I look forward to providing further updates on our progress."
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For further information visit www.prospexoilandgas.com or contact the following:
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Tel: +44 (0) 207 887 1461 |
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Tel: 0113 394 6600 |
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Tel: +44 (0) 207 382 8300 |
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Peterhouse Corporate Finance Peterhouse Corporate Finance |
Tel: +44 (0) 207 469 0932 |
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Tel: +44 (0) 20 7236 1177 |
This information is provided by RNS