UK-based Prospex Oil & Gas announced Thursday that Hutton Poland Limited, a company it holds a 49 percent interest in, has been awarded the Kolo License in Poland.
The four year exploration license comprises two phases of work, each of which is two years long. As part of the deal, Hutton has agreed to carry out the acquisition of 31 mile 2D or 10 square mile 3D seismic data in phase one and the drilling of one well in phase two.
Prospex has revealed that the directors of Hutton believe the Boleshaw prospect on the Kolo License is ready for drilling, with a drill location determined. It is anticipated that the first well will be drilled in 2016, subject to environmental permitting.
Prospex Chairman Bill Smith commented in a company statement:
"We are delighted that the license has been finalized. This will really allow the work on the ground to continue at a pace and we look forward to providing further updates to our shareholders."
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