Prospex Oil & Gas has widened its H1 pretax loss to £198,163, from a year-ago loss of £105,291.
Managing Director Edward Dawson said:
In the Kolo Licence, we have an excellent short-term investment opportunity, and have confidence Hutton Poland will exploit this highly prospective resource which has transformational potential.
"With contractors secured drilling operations at the first target, Boleslaw-1 exploration well, are on course to commence in Q4 2016, which we believe on its own, has the potential to re-rate our valuation.
"This is the first of a number of targets on the licence area which are prospective and Hutton Poland remain focused on achieving milestones at Boleslaw.
"At the same time we continue to explore other opportunities that we believe will allow us to deliver on our wider strategy to invest in high impact European opportunities with short timelines to production in the coming months and years ahead.
"As with Boleslaw, we are looking at undervalued projects that would benefit from low cost re-evaluation/re-working, with multiple, tangible value trigger points within 12 months of acquisition, as we look to build a leading oil and gas investment company."
At 9:20am: (LON:PXOG) Prospex Oil Gas share price was +0.08p at 1.78p