"Prospex Oil and Gas Plc, the AIM quoted investment company,...

"Prospex Oil and Gas Plc, the AIM quoted investment company, announces an update on its investment in the Kolo Licence ('Kolo' or the 'Licence'), onshore Poland. Drilling operations at the Boleslaw-1 well ('Boleslaw-1' or 'the Well') on the Licence have been completed. The Well spudded on 10 December 2016 and reached a total depth ('TD') of 1550 metres on 10th January 2017. In line with the pre-drill geological model a Campanian shallower siliceous rich interval, between 980 metres and 1026m of depth below ground level, and a Santonian sandstone zone, between 1333m and 1375m of depth below ground level, were penetrated however no recoverable hydrocarbons were indicated on the mud logs. As a result, the operator has advised the Company that the Well is to be plugged and abandoned. Operations will continue for some days, including wireline logging and subsequent petrophysical analysis."