REG - Prospex Energy PLC - Italy Selva Malvezzi - Q1 2026 Activity Report

Prospex EnergyAnnouncement

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RNS Number : 4837C  Prospex Energy PLC  30 April 2026

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

 

30 April 2026

 

Prospex Energy plc

("Prospex" or the "Company")

 

Italy: Selva Malvezzi Production Concession

 

Q1 2026 Activity Report

Consistent production and strong cashflow from Podere Maiar-1

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on
European gas and power projects, is pleased to provide an update from the
Selva Malvezzi production concession in Italy following the publication by Po
Valley Energy Limited ("PVE") (ASX: PVE) of its Q1‑2026 activity report.
 Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of PVE
is the operator of the Selva Malvezzi production concession, which has a 63%
working interest, while Prospex has the remaining 37% working interest.

 

Gas production and revenues from PM-1 gas facility in the Selva Malvezzi
Production Concession

 

 PM-1 Production Data                       Mar 2026 Quarter  Dec 2025 Quarter
                                            Q1-2026           Q4 2025
 Average gross daily production rate (scm)  80,687            79,220
 Quarterly net (37%) production ('000 scm)  2,686.9           2,579.4
 Weighted average price (per scm)           €0.43             €0.33
 37% Revenue net to Prospex ('000)          €1,155            € 852

 

Highlights

·    Stable production performance from the Podere Maiar-1 (PM-1) well
throughout the quarter, in line with expectations, supporting continued strong
operating cashflows.

·    Progress made on Environmental Impact Assessment (EIA) updates and
development planning for the Casale Guida-1d, Ronchi-1d, Bagnarola-1d, and
Selva Malvezzi-1d wells, incorporating feedback from the Ministry.

·    Completion of the 3D geophysical survey, with data currently
undergoing processing by Schlumberger Italy for delivery of a final 3D seismic
volume for in-house interpretation

 

 

Tom Reynolds, Prospex's CEO, commented:

"The consistent production and strong cash flow from Podere Maiar-1 is very
welcome and underpins activity across Prospex wider portfolio of assets on
which we expect to provide a short quarterly update in due course.

 

"European gas prices have been elevated in the period, influenced by
geopolitical tensions in the Middle East, underlining the need for secure,
domestically sourced energy. With operations and exposure across key markets
including Italy, Spain and Poland, the Company is well positioned to benefit
from this supportive pricing environment while continuing to build value
through its diversified European presence."

 

Podere Maiar-1 (PM-1) Production

Production performance remained consistent during the quarter:

·      Gross gas production totalled 7.26 million scm, generating €3.1
million (gross) in revenue.

·      Net production attributable to Prospex at 37% was 2.69 million scm
and €1.16m in revenue.

·   Average daily production was approximately 80,000 scm/day, with only
minimal downtime for scheduled maintenance in January.

Cumulative production since commencement has reached 72.9 million scm (gross),
exceeding the certified P1 reserves outlined in the July 2022 CPR.

The average realised gas price for the quarter was €0.43/scm. Prices
strengthened toward the end of the period, reflecting tightening global energy
markets and heightened geopolitical risk associated with the conflict in Iran.

Royalty expenses of €116k were accrued during the quarter, with payments
scheduled annually in arrears (next payment due Q2 2026).

Broader Selva Development Programme

·    The Operator continues to progress development planning for four key
wells within the concession:

o  Casale Guida-1d (Selva North)

o  Ronchi-1d (South Selva)

o  Selva Malvezzi-1d (East Selva)

o  Bagnarola-1d (Riccardina)

·      The EIA submitted in December 2024 is currently being updated to
incorporate Ministry feedback and expanded project scope, including
facilities, pipelines, and upgrades to the Podere Maiar field. Specialist
studies requested by the EIA Commission are ongoing and are expected to be
submitted in Q2 2026.

 

 

* * ENDS * *

 

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.

 

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

 

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

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

Andrew Raca (Corporate Finance)
 Neil Passmore                     Hannam & Partners             Tel: +44 (0) 20 7907 8500

 Leif Powis
 Ana Ribeiro / Charlotte Page      St Brides Partners Limited    Tel: +44 (0) 20 7236 1177

 

Notes

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.

 

Glossary:

Bcf                            Billion standard cubic feet

Bcm                          Billion standard cubic metres

Boe                           Barrels of Oil Equivalent (where 1
MMBoe = 5.8 Bcf)

EIA                            Environmental Impact Assessment

MMBoe                  Million Barrels of Oil Equivalent

mcf                           Thousand standard cubic feet

MMscf                    Million standard cubic feet

MMscfd                  Million standard cubic feet per day

MMscm                  Million standard cubic metres

MMscm/d             Million standard cubic metres per day

MWh                       Mega Watt hour

scm                           Standard cubic metres

scm/d                      Standard cubic metres per day

TTF                            The 'Title Transfer Facility' - a
virtual trading point for natural gas in the Netherlands.

 

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