REG - Prospex Energy PLC - Senior Management Changes: Appointment of New CEO

Prospex EnergyAnnouncement

Tue 07:00

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RNS Number : 7222N  Prospex Energy PLC  06 January 2026

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

 

6 January 2026

 

Prospex Energy PLC

('Prospex' or the 'Company')

 

Senior Management Changes: Appointment of New CEO

 

Prospex Energy PLC (AIM: PXEN), the AIM-quoted investment company focused on
European gas and power projects, announces that Mark Routh has advised the
Board of his retirement as CEO and a director of the Company.  Tom Reynolds
will be appointed as Chief Executive Officer and a director of the Company
with effect from no later than 1 February 2026, in order to provide time to
wind up his pre-existing commitments, and Mark's retirement will take effect
from such date.

 

Mr. Reynolds is a well-qualified leader with extensive and successful
experience in senior executive roles in listed companies in the energy sector,
including CEO of Scirocco Energy,  and CEO of Bridge Energy.  He is
currently a non-executive director of Zephyr Energy, a role in which he will
continue.  Tom has also had considerable executive experience in a wide range
of privately held companies involved in energy, energy investment and finance.
He holds a B. Eng. Chemical & Process Engineering with First Class
Honours.

 

Mark will assist in developing Tom's knowledge of the Company's investments
and partners to ensure a smooth and orderly transition starting immediately,
and likely to be for a period of no more than three months.

 

The Board is very grateful to Mark for his considerable achievements in
building an attractive and geographically diverse portfolio of gas assets in
Europe for Prospex, and for his assistance in the transition.

 

Tom Reynolds will receive an appropriate remuneration package for the role and
reflecting the experience and qualities he brings to the Company, with a
meaningful proportion in equity, subject to signature of a definitive contract
of employment. This includes a signing bonus of £50,000, which is expected to
be settled through the issue of Convertible Loan Notes currently being offered
by the Company (see further below).  Of the £250,000 annual salary, c.
£50,000 will be satisfied in equity in the Company, paid on a monthly basis
based on a prevailing VWAP. In addition, he will be awarded nil-cost options
over c. 3.5% of the Company's share capital which will be exercisable on a
liquidity event for the Company accepted or approved by the shareholders.

 

 

Further information regarding the appointment of Tom Reynolds in accordance
with paragraph (g) of Schedule Two of the AIM Rules for Companies (the "AIM
Rules") is set out in the appendix of this announcement.

 

Convertible Loan Note Issuance - remains open for subscriptions

 

The Board confirms that the previously announced up to £1.6 million
convertible loan note offering remains open for subscription.  Interested
investors who are qualified to invest should contact the Company's brokers VSA
Capital or Hannam & Partners by email:

 

VSA Capital                         email:
mail@vsacapital.com (mailto:mail@vsacapital.com)

Hannam & Partners        email: info@hannam.partners
(mailto:info@hannam.partners)

 

The Loan Note Investor Presentation and Term Sheet can be downloaded from the
Company's website at https://prospex.energy/investors/corporate-documents
(https://prospex.energy/investors/corporate-documents) . Further information
can also be found in the Company's 19 December 2025 RNS.

 

William Smith, Non-Executive Chair of Prospex commented:

"We are very pleased to welcome Tom Reynolds to the Company.  He has the
experience to continue to grow the asset base and increase shareholder value.
 I am confident in his ability to deliver results.  I would also like to
thank Mark for his significant contribution in getting the Company to its
current stage and wish him the best for the future."

 

Tom Reynolds, CEO designate said:

"I am delighted to join the highly capable Prospex team and board.  Prospex
has an attractive asset base within the European energy market where each
asset has a path to significantly increase reserves and production, offering a
clear route to value growth.  I look forward to engaging with Prospex
partners and stakeholders over the coming months and building on the existing
solid foundation, delivering a clear path to value for shareholders."

 

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:

 

 William Smith - Chairman          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

 

Appendix

Save for the information set out above and below, there are no further
disclosures to be made in accordance with Rule 17 and Schedule Two paragraph
(g) of the AIM Rules in respect of the appointments of the directors.

Mr Thomas (Tom) Hamilton Reynolds (aged 55) has held the following
directorships and/or partnerships in the past five years:

 Current Directorships     Previous Directorships (within the last 5 years)
 Zephyr Energy Plc         Aquaterra Energy Group Limited
 Quixote Advisers Limited  Aquaterra Energy Limited
                           Rab Microfluidics Research and Development Company Limited
                           EAG Ardboe Limited
                           EAG Eglinton Limited
                           EAG Loughgall Limited
                           Energy Acquisitions Group Limited
                           Scirocco Energy (UK) Limited
                           Scirocco Energy Limited
                           SEM Energy Limited

 

Mr Reynolds currently has a nil shareholding in the Company.

Tom served as Chief Executive Officer and director of Iona Energy, Inc.
("Iona"), a Canadian-incorporated oil and gas company with assets in the UK
and North Sea. Iona entered insolvency proceedings in December 2015. In
January 2016, administrators were appointed to Iona's UK subsidiaries, namely
Iona UK Huntington Limited and Iona Energy Company (UK) Limited. The latter,
being the principal borrowing entity, entered into a creditors' voluntary
arrangement in June 2016, which concluded in April 2017 with a net shortfall
to creditors of approximately £38.281 million. In connection with the
insolvency, the Alberta Securities Commission issued a cease trade order
against Iona in December 2015 following its failure to file financial
statements and other required documents on time.

 

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