REG - Prospex Energy PLC - Board Appointment

Prospex EnergyAnnouncement

19/04/2023 07:00

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RNS Number : 6547W  Prospex Energy PLC  19 April 2023

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

 

19 April 2023

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Board Appointment

 

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on
European gas and power projects, is pleased to announce the appointment of
Andrew Hay as an independent Non-Executive Director of the Company with
immediate effect.

 

Mr Hay, a graduate of Oxford University, has more than 30 years of experience
as a banker in London and New York. He is currently a Senior Adviser at Smith
Square Partners, a leading London corporate finance firm. Formerly he was
Chairman of LGB Corporate Finance and before that built and led the corporate
finance business of Edmond de Rothschild in London. He has in depth experience
in corporate banking, the debt and equity capital markets and international
M&A.

 

Previously, Mr Hay held senior positions at ING Barings and Schroders,
including two years in New York. He led the North American corporate finance
and capital markets origination activity of Barings until 1997.

 

Until May 2017, Mr Hay was a Non-Executive Director of Aminex plc (senior
independent director, audit and remuneration committees), a London and Dublin
stock exchange listed oil and gas development and production company focused
on East Africa and was a Non-Executive Director of Independent Oil & Gas
PLC (senior independent director, chair of audit committee), the AIM quoted
company with development interests in the North Sea, until February 2018.

 

Currently Mr Hay is a Non-Executive Director of the holding company of Lloyd
George Advisory, a specialist India and Asia focused emerging market fund
management business. Since 2020, Mr Hay has been the senior Non-Executive
Director and chair of audit committee at Great Western Mining Corporation PLC,
the AIM quoted mineral exploration and development company with licences and
operations in Nevada.

 

 

Bill Smith, the Chairman of Prospex, commented:

"We are very pleased to welcome Andrew Hay to the Board of Prospex. As the
Company expands and grows our assets in Italy and Spain and as new
opportunities are being reviewed, Andrew's experience and deep understanding
of the upstream energy sector and capital markets will add great value to
Prospex.  We are very much looking forward to working alongside Andrew."

 

Further information on Mr Andrew Hay's appointment

The following details in relation to the appointment of Mr Hay are disclosed
in accordance with paragraph (g) of Schedule Two of the AIM Rules for
Companies.

 

Mr Andrew Nicholas John Hay (aged 71) has held the following directorships
and/or partnerships in the past five years.

 

 Current Directorships                           Past Directorships (last five years)
 Great Western Mining Corporation Plc (Ireland)
 Lloyd George Advisory (Cayman) Limited
 Lloyd George Indian Ocean Fund
 Lloyd George Indian Ocean US Fund
 Lloyd George Indian Ocean Master Fund
 Andrew Hay Advisory Limited
 Ragley Trust Company Limited
 Seymour Trust Company Limited
 Tollemache Farms Limited

 

Other than the information contained within this announcement, there is no
further information required to be disclosed pursuant to paragraph (g) of
Schedule Two of the AIM Rules for Companies.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed
in accordance with the Company's obligations under Article 17 of MAR.

 

* * ENDS * *

 

 

For further information visit www.prospex.energy (http://www.prospex.energy)
or contact the following:

 

 Mark Routh                                    Prospex Energy PLC          Tel: +44 (Tel:+44) (0) 20 7236 1177
 Ritchie Balmer                                Strand Hanson Limited       Tel20 7409 3494

Rory Murphy
 Andrew Monk (Corporate Broking)               VSA Capital Limited         Tel: +44 (0) 20 3005 5000

Andrew Raca/Alex Cabral (Corporate Finance)
 Colin Rowbury                                 Novum Securities Limited    Tel: +44 (0) 20 7399 9427

Jon Belliss
 Susie Geliher                                 St Brides Partners Limited  Tel: +44 (0) 20 7236 1177

Ana Ribeiro

 

Notes

Prospex Energy PLC is an AIM quoted investment company focussed 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 applying 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 revenues that can then be deployed to develop
the asset base and increase production further.

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