REG - Prospex Energy PLC - Total CLN Funding Reaches £2m, 25% Above Target

Prospex EnergyAnnouncement

Wed 07:00

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RNS Number : 0339X  Prospex Energy PLC  18 March 2026

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

 

18 March 2026

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

 £653,950 Raised in Extended CLN Offer as Total Funding for the CLN Reaches
£2 million, 25% Above Target

 

Prospex Energy PLC (AIM: PXEN), the AIM-quoted investing company focused on
European gas and power projects, is pleased to announce that it is now in
receipt of committed subscriptions totalling £653,950 for the extended
offering of its unsecured Convertible Loan Notes ("CLN"), which was announced
on 13 March 2026.  This brings the total funds raised through the Company's
CLN offer to £2 million, 25% above the original £1.6 million target.

 

Highlights

·    Committed subscriptions of £653,950 (in addition to the £1,346,050
previously announced on 19 January 2026) for the Company's offering of
unsecured Convertible Loan Notes of £1 each, due at the end of June
2028 (the "Loan Notes").

·    Subscriptions for this round were significantly oversubscribed due to
strong investor demand with allocated capacity being limited by the Board to a
cumulative aggregate hard cap of £2 million

·    The Loan Notes issued after 12 March 2026 are convertible at 3p per
ordinary share at the election of the investor after the first anniversary of
the date of subscription.

·    Interest of 12% per annum is payable quarterly, with the first two
interest payments on 31 March 2026 and 30 June 2026 to be capitalised and
added to the loan principal rather than paid in cash.

·    Loan principal to be repaid in three tranches at the end of December
2027, the end of March 2028 and the end of June 2028.

·    Forecast increased gas production from the drilling campaigns on all
three of the Company's production concessions is expected to cover the capital
repayments.

·    Net proceeds will be used to support the Company's ongoing
activities, including current and future capital expenditure requirements.

·    Ongoing operational costs and overheads continue to be met from
production income generated by the Company's existing production.

 

Tom Reynolds, Prospex's CEO, commented:

"I am delighted by the support shown by existing and new investors for the
Loan Note offering, resulting in the CLN being oversubscribed. The Board
decided to cap the subscription level at £2 million to strike a balance
between securing funding for value-adding activity and avoiding unnecessary
dilution at this time, which we believe is in the best interests of
shareholders.

 

"The funds raised will enable the Company to secure asset value and broaden
its range of growth opportunities. I would like to thank all those who
participated in the fundraise and I look forward to engaging with investors at
the upcoming Investor Meet Company online event scheduled for 26 March 2026."

 

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, CEO                 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) 7469 152 119

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 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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