Prospex is effectively a new vehicle, managed by an experienced oil & gas team with a demonstrable track-record of delivering excellent equity returns in the sector. Having reviewed 25+ opportunities the team chose an onshore gas project in Poland called Kolo as its first investment. Prospex has a 49% working and revenue interest alongside Hutton Energy. The first well is fully funded and spudding is planned for 4Q16. Kolo is an attractive combination of a de-risked, conventional project with a low drilling cost. Gas from nearby historical water wells show a working petroleum system, while 2D seismic has generated clear amplitude anomalies. These include two relatively shallow gas targets which will be tested with a single 1500m hole, costing £1.25m (£0.6m to Prospex). Speculative Buy – 17/08/2016
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