RNS Number : 4297E
Prospex Energy PLC
15 May 2026
Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas
15 May 2026
Prospex Energy plc
("Prospex" or the "Company")
First Quarter 2026 Overview and Unaudited Group Financial Update
Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European natural gas and power projects, provides the following Q1 overview and unaudited quarterly cash-flow updated for the Prospex group of companies (the "Group"), including group cash balances under the Company's direct control, net results of financing activities, additions to investments and receipts from gas sales for the first quarter of 2026.
Q1 2026 Overview
· £912,000 (Q4 2025: £769,000) of gas sales revenue from Selva Malvezzi. Although the Group benefited from higher European gas prices in March, sales proceeds are received in the following month, so this will be reflected in Q2 receipts.
· The Group closed Q1 with £907,000 (Q4 2025: £42,000) in cash, providing funding for near-term requirements following the oversubscribed Convertible Loan Note ("CLN") issuance during the quarter.
· Appointment of new CEO, to position the Group for growth, liquidity and asset monetisation.
· Completed £2 million CLN fundraise, 25% above the original target of £1.6 million.
· Restart of production at El Romeral gas power plant in Andalucia, Spain, following the delivery and installation of a rental transformer.
· Advanced expansion into Poland with the award of the San and Dunajec onshore licences.
Prospex Energy Group - Unaudited
2026
2025
All GBP 000's
Q1
Total
Q4
Q3
Q2
Q1
Note
Group Cash on Hand at Beginning of period
1
42
1,192
189
569
1,438
1,192
Share of Gross Operating Revenue
2
912
3,798
769
927
1,028
1,074
Tarba Cash Take-on in acquisition
-
332
-
-
332
-
Equity Raise Proceeds Net of costs
-
1,118
-
835
283
-
Debt Raise net Cash Proceeds (CLN)
3
1,355
378
378
-
-
-
Interest and other financing receipts
29
122
25
43
32
23
Total Group Cash Receipts
2,297
5,749
1,172
1,805
1,675
1,097
OPEX
4
802
2,303
452
632
489
730
Development Costs
5
300
593
368
104
42
79
Investments - Tarba Acquisition
-
474
-
-
432
42
Investments - Interest bearing loans to Tarba
6
292
748
252
226
270
-
Investments - Viura
-
2,003
-
1,117
886
-
Debt Servicing and Repayments
-
-
-
-
-
-
License fees & Taxes
38
778
248
106
425
-
Total Group Cash Outgoings
1,432
6,899
1,319
2,184
2,544
851
Group Cash on Hand at End of period
907
42
42
189
569
1,438
Notes
1
Group cash represents the cash resources within the Company's control and therefore excludes any cash balances held by HEYCO Energy Iberia, in which Prospex owns 7.5%.
2
Gross operating revenues only include receipts into group entities under Prospex control and therefore exclude Viura.
3
Debt raise proceeds are shown net of costs & any pre-existing debt satisfied by issuance of CLNs.
4
OPEX includes direct operating expenditure corresponding to Prospex's net share of Selva Malvezzi, as well as Prospex overhead and administration costs.
5
Development costs in Q1 2026 primarily relate to seismic processing on Selva Malvezzi.
6
Tarba Energia Opex, net of electricity sales, is supported while the activity to deliver drilling permits on El Romeral is progressing.
Tom Reynolds, Prospex's CEO, commented:
"I am pleased to provide shareholders with an overview of Q1 2026 activities, including unaudited group cash-flow for the period, as part of the Company's ongoing commitment to transparency. Q1 2026 was a period of transition for the Company following my appointment as CEO, providing an opportunity to reassess priorities and re-evaluate our investment portfolio to ensure the Group is positioned for long-term growth.
"During the quarter, we successfully raised approximately £2 million through the CLN financing, exceeding our initial target by 25%. This enabled us to fund our share of investments across the portfolio, including the seismic processing programme at the Company's Selva Malvezzi licence in Italy, at a time of continued strength in European gas markets.
"As we enter the second quarter of 2026, the Company has cash on hand to fund its new licences in Poland and to progress early assessment of prospectivity on that acreage. Strong revenues from gas sales in Italy, driven by elevated European gas prices, are expected to add to that cash balance. I expect Q2 2026 to be a period of consolidation with a focus on planning in support of future investment in the Company's key assets as well as corporate development activity.
"As previously shared with shareholders, activity across all assets is expected to converge around the end of 2026, with capex required in 2027. Over the remainder of 2026, the Company will continue to evaluate all available funding options to support its development plans whilst limiting shareholder dilution where possible."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Prospex Energy is an Investment entity as defined by IFRS 10, and as such the results of its subsidiaries are not consolidated up to the parent company in its statutory and audited reporting. Those audited financial statements therefore represent the financial position of the Company on a standalone basis, and the Company's investments in its subsidiaries, joint ventures and underlying assets are recognised at fair value through the profit and loss. The unaudited figures included in this presentation, are not provided to meet any statutory or regulatory requirement and should not be used as a basis of an investment decision.
* * ENDS * *
For further information visit www.prospex.energy or contact the following:
Tom Reynolds
Prospex Energy PLC
Tel: +44(0) 20 7236 1177
Ritchie Balmer Rory Murphy
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Andrew Monk (Corporate Broking) Andrew Raca (Corporate Finance)
VSA Capital Limited
Tel: +44 (0) 20 3005 5000
Neil Passmore Leif Powis
Hannam & Partners
Tel: +44 (0) 20 7907 8500
AnaRibeiro / Charlotte Page
St Brides Partners Limited
Tel: +44 (0) 20 7236 1177
About Prospex Energy
Prospex Energy plc is an AIM-quoted investing company focused on high-impact onshore and shallow offshore European opportunities with short timelines to production. The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then apply low-cost re-evaluation techniques to identify and de-risk prospects. The Company will rapidly scale up gas production in the short term to generate internal revenue, which can then be deployed to develop the asset base and further increase production.
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