REG - Prospex Energy PLC - Strategic Collaboration with IMMAGE

Prospex EnergyAnnouncement

01/06/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260601:nRSA3242Ga&default-theme=true

RNS Number : 3242G  Prospex Energy PLC  01 June 2026

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

 

1 June 2026

 

Prospex Energy plc

("Prospex" or the "Company")

 

Strategic Collaboration with IMMAGE Scientific Drilling Project at El Romeral

 

Prospex Energy plc (AIM: PXEN), the AIM quoted investment company focused on
European gas and power projects, is pleased to announce that it has entered
into a strategic collaboration agreement with the IMMAGE (Investigating
Miocene Mediterranean-Atlantic Gateway Exchange) Land-2-Sea drilling project
in relation to the Romeral concession. IMMAGE is an international scientific
drilling initiative investigating the impact of the Messinian Salinity Crisis
on global climate.

 

These investigations will target cores recovered from the wells to be drilled
by Prospex within the five well programme which is currently awaiting permits.
The coring is funded by the International Continental Scientific Drilling
Program (ICDP).

 

IMMAGE-Prospex Collaboration Highlights

 

·    IMMAGE will contribute up to US$1.5 million to cover coring and
logging operations of the late Miocene to Pliocene sequence in a subset of of
the Romeral planned wells - ensuring Prospex incurs no additional costs for
this research.

·    Increased global visibility of the El Romeral Project through
participation in a high-profile palaeoclimate and palaeoenvironmental research
programme

 

Under the terms of the agreement Tarba Energía S.L. ("Tarba"), where Prospex
holds a 100% ownership interest, will provide access to the drilling sites
during the drilling operations. Tarba and Prospex  will support the IMMAGE
project scientists in the recovery of cores and transport to the core
repository, with the help of a specialist company.

 

 

Tom Reynolds, Prospex's CEO, commented:

"We are delighted to be able to combine the drilling programme to be
undertaken by Tarba at El Romeral with important science being carried out by
the IMMAGE project.  This is a mutually beneficial collaboration for both
academic research and industry. The additional core and data will
significantly increase our understanding of the reservoir geology and support
efficient recovery of the energy resource at Romeral."

About the IMMAGE Project

Investigating Miocene Mediterranean-Atlantic Gateway Exchange

 

IMMAGE is an ambitious scientific drilling and climate research project
designed to recover sediments that record Atlantic -Mediterranean exchange 8 -
4 million years ago. This record is critical for understanding the role of the
Mediterranean outflow in driving climate change at a time when the connection
between the two marine systems was shrinking, causing Mediterranean salinity
to rise. This led to the formation of a salt giant, a c. 1.5km layer of salt
that precipitated across the Mediterranean Sea floor. This event, known as the
'Messinian Salinity Crisis', changed both the chemistry of the ocean and
altered its circulation pattern.

 

Today, the Mediterranean connects to the Atlantic through the Strait of
Gibraltar. This single gateway configuration only developed ~ 5 million years
ago. Before that, a wide, open seaway evolved into two narrow corridors: one
in northern Morocco, the other in southern Spain. Records from both sides of
the Gibraltar Strait, and from these ancient marine connections, which are now
buried on land, are critical to understanding the climate impact of
Mediterranean-Atlantic exchange before, during, and after salt giant
formation. IMMAGE is recovering these records by drilling offshore with the
Integrated Ocean Discovery Programme (IODP) and onshore in Spain and Morocco
with the International Continental Scientific Drilling Project (ICDP).

 

IODP Expedition 401 (https://www.immageland2sea.ac.uk/exp-401)  carried out
scientific drilling on either side of the Gibraltar Strait in December 2023 -
February 2024. Phase-2 drilling to recover the record of exchange preserved in
Spain is planned for 2027-28 and is being supported by ICDP. Initial planning
for IMMAGE Phase-3 drilling in Morocco is underway.

 

IMMAGE Land-2-Sea Website link: https://www.immageland2sea.ac.uk/
(https://www.immageland2sea.ac.uk/)

 

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:

 

 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFFDEIIAFIR



            Copyright 2019 Regulatory News Service, all rights reserved