REG - Prospex Energy PLC - Half-year Report
Today 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:20250910:nRSJ6650Ya&default-theme=true
RNS Number : 6650Y Prospex Energy PLC 10 September 2025
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended. Upon the publication of this announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.
Prospex Energy Plc / Index: AIM / Epic: PXEN / Sector: Energy
10 September 2025
Prospex Energy Plc
('Prospex' or the 'Company')
Half Year Report
Prospex Energy Plc, the AIM quoted investment company, is pleased to announce
its unaudited Interim Results for the six months ended 30 June 2025.
Corporate and Operational Overview:
· No reportable Health and Safety incidents or environmental issues
across both its operations in Italy and Spain.
· The Selva Malvezzi investment continues to provide steady and reliable
income from gas production, with a supportive and stable regulatory regime in
Italy which encourages activity related to indigenous natural gas production
as it emphasises the security of energy supply.
· During this reporting period a further £905k was invested in the
Viura asset and £484k was paid for the shares of Tarba Energía S.L.
("Tarba") not already owned taking the Company's ownership of Tarba to 100%.
These additions, made via interest bearing loans to the Company's investment
vehicles, were all funded out of the Company's existing cash reserves.
· A further £941k net share of HEYCO Energy Iberia EBITDA, accruing to
the Company's investment during the reporting period, has been retained in the
joint-venture vehicle and is being applied to the ongoing drilling and
workover programme.
· At the end of the reporting period the Company closed an equity
placing and subscription offer raising gross proceeds of approximately £1.2
million through the issue of 26,170,193 new Ordinary Shares at 4.5p per share.
· In April 2025, the Company appointed Hannam & Partners as Joint
Corporate Broker to the Company.
Post period
· Total net proceeds of £1.12m were received from the above equity
raise, of which £283k was received by 30 June.
· At the date of this report, a further direct investment of €1.3m has
been made in the Viura asset.
· New Gas Sales Agreement signed with Hera Trading to supply gas from
the Selva Malvezzi production concession replacing the current Gas Sales
Agreement with BP Gas Marketing which expires on 1 October 2025.
Financial Overview
· The Company reports a £180,101 (H1 2024: £275,120) loss after
taxation from continuing operations for the six-months ended 30 June 2025, a
34% reduction on last year.
· The reported loss includes a £32,715 unrealised loss (H1 2024: £nil)
of financial assets at fair value. Forward gas prices and exchange rates at
30 June 2025 were taken into consideration as well as gas produced from the
assets in calculating the reported loss.
· The Company's Net Asset value (Shareholder Equity) increased by
£938,246 in the six-months ended 30 June 2025 - From £24,590,154 at 31
December 2024 to £25,528,400 at the reporting date.
· The Company remains free of any interest bearing or secured debt.
· At 30 June 2025, the Company held cash and cash equivalents of
£147,134 (Year-end 2024: £1,185,386). Cash and cash equivalents held in
Euros in the Company's wholly owned non-consolidated investment companies
amounted to €1,009,095 (Year-end 2024: €338,628).
· Of the £1,834,203 increase in trade and other receivables, £967,263
comprises increased loans to the Company's investment companies and interest
accrued, net of debt repayments to the Company on investment loans made during
the exploration and development phases of its projects.
· The Company and its investment vehicles are expected to have
sufficient funds to continue in operation and meet future operating and known
capital costs.
Mark Routh, CEO of Prospex, said:
"2024 was a transformative year for Prospex. With the Viura investment, we
added a third producing onshore European gas field to our portfolio, lifting
production across our portfolio by 230%. The purchase in 2025 of the
remaining interests in Tarba further strengthened our position, consolidating
our ownership of El Romeral and adding the suspended Tesorillo asset, together
contributing over 750 Bcf (21.3 Bcm) of best-case prospective gas resources to
our portfolio, at very low cost.
While short-term production interruptions at Viura and El Romeral are
frustrating, both assets are now positioned to deliver stronger performances,
with permits in place to drill new wells on Viura and advancing on El Romeral.
Meanwhile, Selva Malvezzi continues to deliver steady income and commands
premium pricing under our new gas sales agreement with Hera Trading.
We remain confident that our growing portfolio of producing assets offers
significant upside potential and we look forward to converting our contingent
and prospective resources into proven producing reserves that will drive
long-term value for shareholders."
Operational Highlights
Viura
· Total natural gas produced from the Viura-1B well from start-up in
December 2024 to the end of Q1-2025 was 30.2 MMscm = 1.1 Bcf (which is ≈ 4.4
MMscm = 154 MMscf net to Prospex).
· In April 2025, the operator of the Viura field, HEYCO Energia Iberia
S.L. ("HEI") advised Prospex of the temporary cessation of production of the
new Viura‑1B well due to a leak in the completion tubing. HEI had to
mobilise a suitable drilling rig to perform the workover to reinstate
production from the field. The temporary halt to production had an impact on
the stated schedule for drilling the development wells, for which permits are
already approved, which are now anticipated to be drilled in 2026.
Post period end:
· At the end of July 2025 HEI advised Prospex that it had successfully
repaired the leak in the production tubing of the Viura-1B well identified in
April 2025. However, during the newly run completion of the wellbore, HEI
identified an unexpected blockage of residual drilling mud possibly requiring
the mobilisation of a coil-tubing unit to clear the obstruction to allow the
sliding sleeve to be actuated in order to allow gas production to resume.
· In August 2025, HEI confirmed that the drilling mud blockages were
resolved using wire line methods thus a coil tubing unit was not required,
resulting in significant cost savings.
· In addition, a short flow test carried out at the well confirmed that
the well is operating successfully after the workover, demonstrating strong
deliverability from both the well and the Viura reservoir. During the short
flow test the following rates were achieved:
o 100,000 scm/d (3.5 MMscfd) at a 10% choke setting.
o 200,000 scm/d (7.1 MMscfd) at a 25% choke setting.
Both flow tests produced dry gas with no water from the topmost section of the
main Utrillas A reservoir, fulfilling one of the main objectives of the
workover intervention.
· Although HEI successfully replaced the tubing in the Viura-1B well in
July 2025, it advised of a delay to the reinstatement of production from the
Viura-1B well due to technical and equipment issues, both sourcing and
implementation, which are delaying the resumption of production and which they
are working urgently to address.
· The Company is waiting for further information from HEI, including the
likely timing of the resumption of production, which is currently unknown.
Selva Malvezzi
· At the time of reporting, the Podere Maiar-1d well has delivered
≈54.4 million standard cubic metres of gas from the C2 level in the well to
date since first gas on 4 July 2023.
· In the first half of 2025, gas production and revenues from PM-1 gas
facility in the Selva Malvezzi Production Concession were as follows:
o Average gross daily production rate of 77,264 scm/d.
o Production net to Prospex at 37% was 5,174,339 scm at a weighted average
price of €0.45 per scm.
o Prospex 37% share of gross revenue was € 2,295,159.
· In second quarter of 2025, the operator of the Selva Malvezzi
Production Concession Po Valley Operations Pty Limited ("PVO"), a wholly owned
subsidiary of Po Valley Energy Limited (ASX: PVE) confirmed that it is on
target to start field activities at the Selva Malvezzi Production Concession
in October 2025 starting with the 3D seismic acquisition project.
· In early April 2025, PVO received INTESA from the Region and the final
authorisation by the MASE for the 3D geophysical survey acquisition on the
Selva Malvezzi Production Concession. Field activities, including the 3D
seismic acquisition, are scheduled for early October 2025 in accordance with
guidance from landowners and relevant Farmer's Associations, ensuring no
impact on their late summer harvest. Permitting process and landowner
agreements continued to advance.
· During May 2025, the EIA technical commission of the Ministry ("MASE")
requested further studies specifically covering assessment of flood risk in
the area given flooding events that occurred in the region in 2023 and 2024.
In addition, the Budrio Municipality requested a relocation of the Casale
Guida (North Selva) and Ronchi (South Selva) well site due to community
concerns regarding visual and noise impacts on the surrounding area. The
Selva Malvezzi-1 (East Selva) well site location will also be evaluated
further to mitigate flooding risk concerns raised by the Civil Protection of
Emilia Romagna Region. PVO is preparing an updated EIA for resubmission
which aligns with the Ministry's observations and recommendations outlined.
The re-location of the surface locations of the two well pads does not
impact the 3D seismic programme.
Post period end:
· In July 2025, PVO confirmed the advancement of permitting revisions is
underway to address further studies and recommendations from the technical
commission of Ministry (MASE) Budrio Municipality, Civil Protection and Emilia
Romagna region for the Broader Selva Development Program focussing on Casale
Guida-1d (Selva North), Ronchi-1d (Selva South), Bagnarola-1d (Riccardina),
Selva Malvezzi-1d (East Selva) wells.
· In August 2025, the Company through the Selva Malvezzi Joint Venture
signed a new Gas Sales Agreement with Hera Trading to supply gas from the
Podere Maiar-1d well facility in the Selva Malvezzi production concession
replacing the current Gas Sales Agreement with BP Gas Marketing which expires
on 1 October 2025. The 12-month contract commences on 1 October 2025 to
supply approximately 27.963 million standard cubic metres of gas, with the
option to extend. The gas supply price will be linked to the Italian Gas
Index (IG INDEX GME).
El Romeral
· In the first half of 2025, the El Romeral power plant generated 3,752
MWh of electricity and achieved sales income of €365,152.
· In February 2025, following the initiation of the Statutory
Consultation of the Environmental Impact Assessment ("EIA") for the
application to drill five new natural gas wells on the El Romeral concessions,
the EIA consultation was publicly gazetted on the State Official Bulletin.
The purpose of the public gazetting is to engage with all citizens,
stakeholders, including up to 29 statutory consultees and local regulators,
institutions or associations to address questions and concerns on any
environmental impact of the project. The local governmental authority
alongside the Department of Industry and Energy of the sub-delegation of the
Government in Seville are responsible for the next stage of the application
process.
· The application to drill five new natural gas wells on the production
concessions owned by Tarba known as El Romeral 1, 2 & 3 was submitted to
the central Spanish regulatory authority in Madrid in May 2024 together with
the full scientific analysis and assessment of any potential effects that the
proposed drilling project may have on the environment.
· This statutory consultation period is open for 30 working days, during
which time Tarba will respond to questions and requests for further
information from interested parties.
· At the end of the gazetting period, the sub-delegation of the
Government in Seville will report back to the Ministry in Madrid with its
findings and recommendations. From this point, the Ministry in Madrid
targets between 90 to 180 days for the final review and approval, giving time
to gather its internal and final EIA evaluation, together with all the
mandatory statutory reports from the public administrations and institutions
before it can issue an approval resolution granting the permits to drill the
five wells.
Post period end:
· At the time of this report not all of the statutory reports had been
finalised by the sub-delegation of the Government in Seville, however, there
have been no objections made or adverse comments from the statutory consultees
or the general public about Tarba's plans to drill the five new wells on the
concessions.
· In July 2025, the Company advised that the El Romeral power plant near
Carmona in southern Spain ceased producing electricity on 1 July 2025. A
two-week shutdown of production was expected whilst the plant's main
transformer was replaced. Tarba, the operator of the plant has been renting
a transformer from a third-party supplier and that company requested that the
transformer be swapped out for a more suitably sized unit at a lower rental
cost. There have been delays to the arrival of the new transformer unit due
to circumstances beyond the control of either company. Tarba is entitled to
compensation for lost production from the transformer provider at a rate of
€3,000 per day plus other operational costs related to alternative power
provision. In August this compensation increased to just under €4,000 per
day following the delay on the delivery of the replacement transformer.
Tarba does not have a firm delivery date, the expectation is that
replacement will occur during Q3 2025. Whilst this is not an ideal
situation, Tarba is entitled to compensation for lost production.
Other investments - Poland
· In Poland, the Company's Polish Subsidiary applied for licences to own
100% working interest in prospective blocks in areas which meet the Company's
objectives of proven gas production, high potential prospectivity in the
targeted geological horizons and high potential for new reserves to be
unlocked which can be brought onstream within two to three years. The
licence applications in Poland are with the Ministry of Climate and
Environment for evaluation. The next step will be the public gazetting of
Prospex's applications and details of the proposed work programmes on the
licences.
Business Development
· Prospex remains committed to its stringent investment criteria; namely
its strategy of investing in onshore natural gas projects across Europe and to
this end, is continuously evaluating new opportunities that have the potential
to deliver long-term value for shareholders.
· Prospex has a very strong technical team which rigorously evaluates
opportunities always starting from the premise that the subsurface analysis
must demonstrate that the rocks can produce hydrocarbons at commercial rates
before the commercial aspects of any deal are considered.
CHAIRMAN'S STATEMENT
Operational Report
On behalf of the Board, I am pleased to share the progress the Company made in
the first half of 2025 with its ongoing investments in Italy, Spain and
Poland. Progress is rarely a straight line, but advances in all areas, as
detailed above, show a positive trend towards increased production revenue and
asset growth, notwithstanding regulatory and operating challenges.
Last year Prospex invested in Viura, its third producing project in Europe,
taking it one step closer to growing the Company into a major natural gas
focussed producer in the onshore European energy market. During the
reporting period, growth was significantly enhanced in the second quarter of
the year with the acquisition of 100% of Tarba for a total cost of €662,725,
which added the remaining 50.1% of the El Romeral asset and 85% of the
suspended Tesorillo asset. These two assets combined added 750 Bcf (21.3
Bcm) of best-case prospective gas resources to the portfolio. The
acquisition was funded entirely by accumulated cash reserves from our
investment portfolio and is expected to lead to significantly increased
production revenue once the permits to drill the five new wells on the El
Romeral concessions are approved. The best-case prospective gas resources
Prospex acquired in the El Romeral asset alone, (45 Bcf or 1.3 Bcm) was at an
equivalent price of US$0.092/Boe or US$0.016/mcf, thus delivering the
Company's strategy of acquiring at low-cost undervalued projects with multiple
tangible value trigger points that can be realised within 12 months of
acquisition. If the best-case prospective resources attributable to 85% of
the Tesorillo asset of 705 Bcf (20 Bcm) is added, then the acquisition cost of
the best-case prospective gas resources reduces to US$0.006/Boe or
US$0.001/mcf.
The first quarter of the year started with the addition of the gas production
from the newly drilled Viura well to the Company's portfolio of producing
natural gas assets, resulting in the net production across Prospex's portfolio
of investments rising to ≈86,000 scm/d (≈3.1 MMscfd), a 230% increase in
the Company's production rate from January 2024. The Operator's best
estimate of recoverable gross remaining reserves at the Viura field is 90 Bcf
(2.5 Bcm), therefore the Viura acquisition added 6.5 Bcf (0.18 Bcm) net to
Prospex's portfolio when it was acquired in August 2024. The purchase price
of £4.84 million translates to a per unit acquisition price of US$5.785/Boe
or US$0.997/mcf for producing gas reserves. The reserve numbers are expected
to increase upon a new interpretation of the reprocessed 3D seismic and
further evaluation of the newly drilled horizons.
Growth plans were impacted during the reporting period by the temporary
shut-down of the Viura field in April, which required a workover to restore
production. To accommodate the delay and maximise work across our portfolio,
the drilling schedule has been moved to the subsequent development wells,
for which permits are already secured, into next year, thus allowing further
time for the funding of these wells. Post period end, production tests upon
the completion of the workover at the Viura-1B well confirmed the significant
production potential from this new asset, as we await the re-instatement of
steady production from the field.
Tarba's El Romeral has also seen production curtailed with the transformer
replacement being delayed, but compensation for lost production is receivable.
Significant progress has been made on the applications to drill five further
wells on the El Romeral concessions in Andalucía southern Spain, with the
regulatory process still ongoing.
Selva Malvezzi continues to produce at steady and reliable production rates
providing a regular income stream for the Company. Post-reporting date a new
gas sales agreement was signed with Hera Trading with the gas price linked to
the publicly quoted Italian Gas Index 'IG Index GME' which trades at a premium
to the Dutch TTF gas price, so we expect the Selva Malvezzi asset will
continue to achieve a premium for its gas sales. Post period end,
preparations to drill four more wells on the Selva Malvezzi concession
continue with revisions to the top-hole locations being required.
Preparatory work continues for the acquisition of a short low-cost 3D
seismic survey across the concession which should be completed by the fourth
quarter of this year, subject to financing.
The next opportunity to grow the Company is the applications to licence two
onshore areas in Poland which progressed through the regulatory process during
the period having met the required qualifications last year, both financially
and technically, to be able to lodge applications. The next stage is the
public gazetting with details of the areas to satisfy the terms of the open
block licence application process.
The Board maintains the view that all three of Prospex's producing onshore gas
investments have significant upside potential within the existing production
concessions. I look forward to updating shareholders as we progress with the
conversion of both our contingent and prospective resources on our three
production concessions into proved developed producing reserves.
Financial Review
The Company's net asset value, which grew significantly during 2024, continued
to strengthen in the first half of 2025. The Board believes that the
acquisition of 100% of Tarba Energía and the further investment in the Viura
asset will deliver very favourable returns. After paying its operating
costs, the Company reinvests funds generated within the Company's investment
portfolio for growth.
Outlook
The Company has investment opportunities in each of its four current operating
areas, some of which will come to fruition over the next 24 months. The
ability to make strategic investments, providing accretive growth over
financing costs, is a key focus for the Company. Continued investment may
require financing beyond the current levels of cash generation and a
combination of equity offering, farm out, sale or asset dilution may be
required depending on the timing of the return to production in El Romeral and
Viura, production levels and commodity pricing.
Bill Smith
Non-Executive Chairman
Glossary:
Bcf Billion standard cubic feet
Bcm Billion standard cubic metres
Boe Barrels of Oil Equivalent (where 1 MMBoe =
5.8 Bcf)
mcf Thousand standard cubic feet
MMBoe Million Barrels of Oil Equivalent
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.
Prospex Energy Plc
Interim results
For the six months ended 30 June 2025
Statement of profit or loss and other comprehensive income
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
CONTINUING OPERATIONS
Administrative expenses (630,804) (521,209) (1,263,452)
Share-based payment charge - - (96,388)
OPERATING LOSS (630,804) (521,209) (1,359,840)
(Loss)/Gain on revaluation of assets (32,715) - 713,583
(663,519) (521,209) (646,257)
Finance income 424,011 252,842 621,486
Finance costs - (6,753) (7,053)
LOSS BEFORE INCOME TAX (239,508) (275,120) (31,824)
Income tax 59,407 - (14,935)
LOSS AND TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (180,101) (275,120) (46,759)
Loss per share
- Basic earnings (0.04)p (0.08)p (0.01)p
Statement of financial position - As at 30 June 2025
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment - - -
Investments (Note 5) 16,277,482 15,596,671 16,310,197
16,277,482 15,596,671 16,310,197
CURRENT ASSETS
Trade and other receivables (Note 6) 10,096,387 5,695,203 8,262,184
Investments 100 100 100
Cash and cash equivalents 147,134 10,991 1,185,386
10,243,621 5,706,294 9,447,670
TOTAL ASSETS 26,521,103 21,302,965 25,757,867
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 7,375,754 7,279,630 7,349,585
Share premium account 22,144,547 17,158,847 21,052,369
Capital redemption reserve 43,333 43,333 43,333
Merger reserve 2,416,667 2,416,667 2,416,667
Fair value reserve 15,342,514 14,617,174 15,315,822
Retained earnings (21,794,415) (21,213,723) (21,587,622)
TOTAL EQUITY 25,528,400 20,301,928 24,590,154
LIABILITIES
NON-CURRENT LIABILITIES
Deferred taxation 883,186 927,658 942,593
883,186 927,658 942,593
CURRENT LIABILITIES
Trade and other payables 109,517 73,379 225,120
TOTAL LIABILITIES 992,703 1,001,037 1,167,713
TOTAL EQUITY AND LIABILITIES 26,521,103 21,302,965 25,757,867
Statement of changes in equity
For the six months ended 30 June 2025
Capital
Share Share Retained redemption Merger Fair value
capital premium earnings reserve reserve reserve Total
£ £ £ £ £ £ £
Unaudited
At 1 January 2025 7,349,585 21,052,369 (21,587,622) 43,333 2,416,667 15,315,822 24,590,154
Total comprehensive income for the period - - (180,101) - - - (180,101)
Issue of shares 26,169 1,151,487 - - - - 1,177,656
Costs in respect of shares issued - (59,309) - - - - (59,309)
Net transfer to fair value reserve - - (26,692) - - 26,692 -
At 30 June 2025 7,375,754 22,144,547 (21,794,415) 43,333 2,416,667 15,342,514 25,528,400
Unaudited
At 1 January 2024 7,279,630 17,158,847 (20,938,603) 43,333 2,416,667 14,617,174 20,577,048
Total comprehensive income for the period - - (275,120) - - - (275,120)
At 30 June 2024 7,279,630 17,158,847 (21,213,723) 43,333 2,416,667 14,617,174 20,301,928
Audited
At 1 January 2024 7,279,630 17,158,847 (20,938,603) 43,333 2,416,667 14,617,174 20,577,048
Total comprehensive income for the year - - (46,759) - - - (46,759)
Issue of shares 69,955 4,127,368 - - - - 4,197,323
Costs in respect of shares issued - (233,846) - - - - (233,846)
Equity-settled share-based payments - - 96,388 - - - 96,388
Transfer to fair value reserve - - (698,648) - - 698,648 -
At 31 December 2024 7,349,585 21,052,369 (21,587,622) 43,333 2,416,667 15,315,822 24,590,154
Statement of Cash Flows
For the six months ended 30 June 2025
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
Loss before income tax (239,508) (275,120) (31,824)
Loss/(gain) on revaluation of assets 32,715 - (713,583)
Finance income (424,011) (252,842) (621,486)
Finance costs - 6,753 7,053
Operating loss (630,804) (521,209) (1,359,840)
(Increase)/decrease in trade and other receivables (575,424) 758,730 (1,442,007)
(Decrease)/increase in trade and other payables (115,603) (52,738) 99,003
Equity-settled share-based payment charge - - 96,388
Net cash (outflow)/inflow from operating activities (1,321,831) 184,783 (2,606,456)
Cash flows from investing activities
Purchase of investments - (1,740) (1,683)
Interest received 679 2 2,402
Interest paid - (6,753) (7,053)
Net cash inflow/(outflow) from investing activities 679 (8,491) (6,334)
Cash flows from financing activities
Loan repayments - (168,487) (168,487)
Issue of share capital 282,900 - 4,197,323
Costs in respect of share issue - - (233,846)
Net cash inflow/(outflow) from financing activities 282,900 (168,487) 3,794,990
Net (decrease)/increase in cash and cash equivalents (1,038,252) 7,805 1,182,200
Cash and cash equivalents at start of period 1,185,386 3,186 3,186
Cash and cash equivalents at end of period 147,134 10,991 1,185,386
Notes to the interim financial statements
1 General information
Prospex Energy Plc is a company incorporated in the United Kingdom, which is
listed on the Alternative Investment Market of the London Stock Exchange Plc.
The address of its registered office is c/o Arch Law Limited, Huckletree
Bishopsgate, 8 Bishopsgate, EC2N 4BQ.
The Group is primarily involved in the development, exploration and the
production of natural gas and the generation of electricity.
2 Financial information
The interim financial information for the six months ended 30 June 2025 and
2024 have not been audited or reviewed and do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
comparative financial information for the year ended 31 December 2024 has been
derived from the audited financial statements for that period. A copy of
those statutory financial statements for the year ended 31 December 2024 has
been delivered to the Registrar of Companies. The report of the independent
auditors on those financial statements was unqualified, drew attention to a
material uncertainty relating to going concern and did not contain a statement
under Sections 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 as they apply to the financial statements of the Company
for the six months ended 30 June 2025 and as applied in accordance with the
provisions of the Companies Act 2006 and under the historical cost convention
or fair value where appropriate. They have also been prepared on a basis
consistent with the accounting policies expected to be applied for the year
ending 31 December 2025 and which are also consistent with those set out in
the statutory accounts of the Company for the year ended 31 December 2024.
The interim financial statements are presented in pounds sterling because that
is the currency of the primary economic environment in which the company
operates.
3 Taxation
On the basis of these accounts the only charge to taxation is the deferred
taxation arising on the revaluation of the company's investments.
4 Loss per share
The loss and number of shares used in the calculation of earnings per share
are as follows:
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Basic EPS
Loss for the financial period (180,101) (275,120) (46,759)
Basic EPS
Weighted average number of shares for basic EPS 402,684,515 332,584,535 359,725,698
Loss per share (0.04)p (0.08)p (0.01)p
The loss and weighted average number of shares used for calculating the
diluted loss per share are identical to those for the basic loss per share.
The outstanding share options would have the effect of reducing the loss per
share and would therefore not be dilutive under IAS 33 'Earnings per Share'.
5 Non-current investment
Shares in
group Unlisted
undertakings investments Total
£ £ £
Unaudited
At 1 January 2025 16,260,197 50,000 16,310,197
Revaluations (32,715) - (32,715)
At 30 June 2025 16,227,482 50,000 16,277,482
Unaudited
At 1 January 2024 15,544,931 50,000 15,594,931
Additions 1,740 - 1,740
At 30 June 2024 15,546,671 50,000 15,596,671
Audited
At 1 January 2024 15,544,931 50,000 15,594,931
Additions 1,683 - 1,683
Revaluations 713,583 - 713,583
At 31 December 2024 16,260,197 50,000 16,310,197
The fair values of shares in group undertakings are as follows:
PXOG PXOG PXEN Total
Marshall Muirhill Tatra
Limited Limited Sp. Z o. o
£ £ £ £
At 30 June 2025 (unaudited) 16,225,699 100 1,683 16,227,482
At 30 June 2024 (unaudited) 15,544,831 100 1,740 15,546,671
At 31 December 2024 (audited) 16,258,414 100 1,683 16,260,197
PXOG Marshall Limited and PXOG Muirhill Limited are incorporated in the UK and
registered in England & Wales. PXEN Tatra Sp. Z o. o is incorporated and
registered in Poland. The Company owns 100% of the issued share capital for
each of these companies.
Investments in investment entity subsidiaries are accounted for as financial
instruments at fair value through profit and loss and are not consolidated in
accordance with IFRS10.
These entities hold the Company's interests in investments in portfolio
companies. The fair value can increase or reduce from either cash flows
to/from the investment entities or valuation movements in line with the
Company's valuation policy.
The fair value of these entities is their net asset values.
The Directors determine that in the ordinary course of business, the net asset
values of an investment entity subsidiary are considered to be the most
appropriate to determine fair value. At each reporting period, they consider
whether any additional fair value adjustments need to be made to the net asset
values of the investment entity subsidiaries. These adjustments may be
required to reflect market participants' considerations about fair value that
may include, but are not limited to, liquidity and the portfolio effect of
holding multiple investments within the investment entity subsidiary.
6 Trade and other receivables
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£ £ £
Trade receivables 3,206 3,345 3,206
Amounts owed by group undertakings 9,211,129 5,655,064 8,243,866
Net placing proceeds receivable 835,450 - -
Other receivables and prepayments 46,602 36,794 15,112
10,096,387 5,695,203 8,262,184
7 Dividends
The directors do not propose to declare a dividend for the period.
8 Copies of interim results
Copies of the interim results can be obtained from the website
www.prospex.energy. From this site you may access our financial reports and
presentations, recent press releases and details about the company and its
operations.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are
not based on historical facts but rather on the Directors' current
expectations and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive advantages,
business prospects and opportunities. Such forward looking statements
reflect the Directors' current beliefs and assumptions and are based on
information currently available to the Directors.
Such statements are based on current expectations and assumptions and are
subject to a number of risks and uncertainties that could cause actual events
or results to differ materially from any expected future events or results
expressed or implied in these forward-looking statements. Persons receiving
and reading this announcement should not place undue reliance on
forward-looking statements. Unless otherwise required by applicable law,
regulation or accounting standard, the Company does not undertake to update or
revise any forward-looking statements, whether as a result of new information,
future developments or otherwise.
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 IR FLFLRASIAIIERecent news on Prospex Energy
See all newsREG - Prospex Energy PLC - Half-year Report
AnnouncementREG - Prospex Energy PLC - Viura Field Update
AnnouncementREG - Prospex Energy PLC - Signing Gas Sales Agreement with Hera Group
AnnouncementREG - Prospex Energy PLC - Operational Update
AnnouncementREG - AIM - AIM Notice - 03/07/2025
Announcement