Prospex Agrees to Acquire 49% Stake in Hutton Poland

Prospex Oil and Gas plc announced Friday that it has conditionally agreed to acquire a 49 percent stake in Hutton Poland Ltd, from Hutton Energy Ltd, for £620,000 ($906,781) in cash.

As part of the deal, Prospex will pay an initial amount of £130,000 ($190,079) with the remaining £490,000 ($716,649) deferred up to August 31, 2016. Hutton has been active in Poland since 2009 and currently holds a number of concessions in the country, including the recently awarded Kolo License.

Commenting on the transaction, Bill Smith, Prospex chairman, said in a company statement:

"Following the review of many projects we are delight to make our first investment into Hutton Poland Ltd. We are very much looking forward to the partnership. Hutton are a proactive group with good working relationships in country. We are impressed with positive attitude of the government and the positive business environment that the exploration business can operate within. Hutton have done a huge amount of ground work and this will allow rapid progress of its assets from this stage."

David Messina, Hutton Energy Managing Director, said in a company release:

"We are pleased to welcome Prospex to Poland and look forward to working with them, as we target low risk conventional prospects which still provide strong returns with cost effective drilling, a robust domestic gas market and a supportive government. We believe the recent success of Palomar Resources and FX Energy targeting conventional gas in Poland demonstrates Poland still has a lot to offer."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)

Most Popular Articles

From the Career Center
Jobs that may interest you
Division Order Analyst - DJ Land Administration
Expertise: Business Analyst|Commercial Management|Landman
Location: Denver, CO
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
Staff Land Analyst Job
Expertise: Lease Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours