Prospex's Boleslaw-1 well comes up empty

Shares in Prospex Oil and Gas plummeted as it failed to retrieve any hydrocarbons from its Boleslaw-1 well on the Kolo License, onshore Poland.

The operator has since advised the company to plug and abandon the well.

The group are conducting a detailed post-drill technical review of all relevant well and seismic data to determine the next step for the large exploration license, which covers an area of 1,150 square kilometres in the productive Polish Central Basin.

Kolo is 100% owned by Strzelecki Energia Sp, a wholly owned subsidiary of Hutton Poland, in which Prospex holds a 49% interest, alongside Hutton Energy which has 30.6% and Grand Gulf Energy at 20.4%.

Prospex non-executive Chairman, Bill Smith, said: "While the outcome is disappointing, Boleslaw was drilled safely, on schedule, and on budget. We believe this is testament to the performance of the engineering crew on the ground as well as the quality of the pre-drill technical work undertaken by the partners.

“Further technical work will now be conducted to generate an updated geological and hydrocarbon system model, as the partners plan the next steps for the Licence.”

The share price fell 65.16% to 0.845p at the close on Tuesday.