Zak Mir talks to Mark Routh, CEO of Prospex Energy, as the AIM-quoted investment company focused on European gas and power projects announced that it has qualified to apply for onshore open acreage hydrocarbon exploration licences in Poland.

Expansion into Poland: Prospex Energy has spent about a year preparing to apply for licenses in Poland, demonstrating both financial and technical capability.

European Growth Strategy: The company is not seeking "domination," but rather expansion, aiming to grow into a significant European gas-producing company.

Current Projects: Prospex Energy is already operating in Spain and Italy, and Poland is viewed as a long-term growth project, with drilling expected in 2–3 years.

Self-Funding Plan: As their projects in Spain and Italy develop and increase production, they hope to be self-funded for future expansions into Poland.

Market Perspective: While there may be concerns about taking on too much, Routh is confident in the company’s strategy and the ability to attract potential partners.

“After several months of preparation, I am very pleased to announce that Prospex is applying for licences to search for and develop onshore natural gas in a third European nation.  Poland is well known for its hydrocarbon resources and has a regulatory regime which is supportive of natural gas investment with a track record in quickly approving permits for hydrocarbon exploitation activities as the nation focusses on its security of energy supply.

“There are several reasons for choosing to expand into Poland, aside from the favourable regulatory environment and prospective hydrocarbons, one of them being our experience in country.  The Prospex senior team has valuable prior exploration experience in Poland and is very familiar with the regional geology and importantly, the regulatory environment.  During the operational phase in 2016 Prospex met all local regulatory commitments, which puts the Company in a good position to leverage the experience and relationships gained at that time.

“The Prospex technical team has identified attractive onshore areas for the application and we hope to be able to announce a positive outcome from the applications in Q1 2025.

“The Company’s strategy is to add additional geographic reach to the existing portfolio of producing assets in a cost-effective manner.  The Company’s entry into Poland has been financed entirely from production income.

“I look forward to updating shareholders on progress with these applications in the coming months.”