REG - Prospex Energy PLC - Third Quarter Unaudited Group Financial Update

Prospex EnergyAnnouncement

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RNS Number : 6239I  Prospex Energy PLC  24 November 2025

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

 

24 November 2025

Prospex Energy PLC

("Prospex" or the "Company")

 

Third Quarter 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 unaudited
quarterly financial indicators for the Prospex group of companies (the
"Group"), including group cash and near-cash balances under the Company's
direct control, net results of financing activities, additions to investments
and the Group's share of gross operating revenues for the first three quarters
of 2025.

Key Points

•          £3.763m of additional investments have been made in the
year-to-date.  Of this, £2.645m (70%) has been funded from internal
resources and the balance, from a net equity raise of £1.118m in Q3.

•          £379k cash and near-cash held in the Group (excluding
Viura) at 30 September 2025, reflecting a £1.26m reduction year-to-date due
primarily to the increased investment in Group assets.

•          Group full-year 2025 share of gross sales on-track to
surpass 2024.

 

Prospex Energy Group - Unaudited

 

 All GBP 000's                                                      Year-to-date      2025                             Full Year
                                                                    30-Sep-25         Q3         Q2         Q1         31-Dec-24
 EUR:GBP exchange rate                                                                0.87       0.86       0.84       0.83
 Cash and Sales receivables net of JV costs.  (Excludes Viura JV)   379               379        826        1,959      1,635

 Financing Activities - New Equity issue                            1,118             1,118                            3,795

 Investment Additions                                               3,763             1,329  5   1,431  3   995    1   4,271

 Share of Gross Sales                                               4,233             866    6   953    4   2,404  2   4,325

 

Notes

1          Includes PXEN £916k share of Viura Q1 net income,
retained in the joint-venture company, to be utilised in the ongoing Viura
drilling program.  The joint-venture company is not controlled by PXEN.

2          Includes PXEN £1.222m share of gas and condensate sales
at Viura.

3          Includes £484k paid for the remaining shares in Tarba
Energía, and £905k new capital invested in Viura.

4          There was no Q2 production at Viura due to workover.

5          Includes £1,137k new capital invested in Viura and £87k
further investment in Tarba Energía.

6          No Q3 production at Romeral or Viura.  Production at
Viura recommenced in October.

 

 

Mark Routh, Prospex's CEO, commented:

"I am pleased to share the unaudited group financial indicators for the first
three quarters of 2025 which show the significant steps made in re-investing
production income during the year.  In the year-to-date ended 30 September
2025, the Company raised a net £1.118m via equity and utilised a further
£2.645m of the Group's internal funds to invest a total of £3.763m in
growing the Group's assets.  Part of this was the acquisition of shares of
Tarba Energía in April 2025 resulting in the Company owning 100% of the El
Romeral power plant, the three El Romeral Production Concessions and 100% of
the Tesorillo & Ruedalabola exploration licences with their related gas
reserves and resources.  The process to approve the drilling of five further
wells on the El Romeral concessions is progressing with the full EIA
documentation now with the central Ministry in Madrid for final approvals.

 

"Substantial further investments have been made in HEYCO Energy Iberia, the
Company which owns and operates the Viura producing gas field in northern
Spain, in which Prospex is a 7.5% shareholder.

 

"The Selva Malvezzi production concession in northern Italy continues its
steady production and cash generation with a new gas sales contract agreed
with Hera Trading in Q3-2025 and permits to drill four further wells on the
concession advancing at pace.  The 3D-seismic survey acquisition which is
currently underway will optimise the targets for those wells.

 

"With the planned expansion into Poland where the licence applications are
underway, it is satisfying to be delivering on the strategy of growing the
Company's portfolio of gas reserves to deliver natural gas into the European
energy markets where demand is strong and continues to increase.

 

"It continues to be the Company's intention to finance Capex requirements over
the next 2-3 years through a combination of farm-downs, debt-finance, internal
resources and, as appropriate, equity funding.  All financing options are
being advanced to support the Company's growth and deliver shareholder value.

 

"Prospex remains one of the few UK-listed companies offering investors direct
exposure to onshore European gas markets, estimated to be valued at circ.
US$130 billion in 2024, and expected to have a compound annual growth rate
(CAGR) of 4.8% from the estimated US$130 billion in 2025 to 2033*."

 

* Europe Gas Market Size, Share, 2033
(https://www.marketdataforecast.com/market-reports/europe-gas-market)

 

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         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

 

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