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15 May 2026 07:00
Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas
15 May 2026
Prospex Energy plc
("Prospex" or the "Company")
First Quarter 2026 Overview and 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 Q1 overview and unaudited quarterly cash-flow updated for the Prospex group of companies (the "Group"), including group cash balances under the Company's direct control, net results of financing activities, additions to investments and receipts from gas sales for the first quarter of 2026.
Q1 2026 Overview
· £912,000 (Q4 2025: £769,000) of gas sales revenue from Selva Malvezzi. Although the Group benefited from higher European gas prices in March, sales proceeds are received in the following month, so this will be reflected in Q2 receipts.
· The Group closed Q1 with £907,000 (Q4 2025: £42,000) in cash, providing funding for near-term requirements following the oversubscribed Convertible Loan Note ("CLN") issuance during the quarter.
· Appointment of new CEO, to position the Group for growth, liquidity and asset monetisation.
· Completed £2 million CLN fundraise, 25% above the original target of £1.6 million.
· Restart of production at El Romeral gas power plant in Andalucia, Spain, following the delivery and installation of a rental transformer.
· Advanced expansion into Poland with the award of the San and Dunajec onshore licences.
Prospex Energy Group - Unaudited
2026 | 2025 | ||||||||
All GBP 000's | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |||
| Note | ||||||||
Group Cash on Hand at Beginning of period | 1 | 42 | 1,192 | 189 | 569 | 1,438 | 1,192 | ||
Share of Gross Operating Revenue | 2 | 912 | 3,798 | 769 | 927 | 1,028 | 1,074 | ||
Tarba Cash Take-on in acquisition | - | 332 | - | - | 332 | - | |||
Equity Raise Proceeds Net of costs | - | 1,118 | - | 835 | 283 | - | |||
Debt Raise net Cash Proceeds (CLN) | 3 | 1,355 | 378 | 378 | - | - | - | ||
Interest and other financing receipts | 29 | 122 | 25 | 43 | 32 | 23 | |||
Total Group Cash Receipts | 2,297 | 5,749 | 1,172 | 1,805 | 1,675 | 1,097 | |||
OPEX | 4 | 802 | 2,303 | 452 | 632 | 489 | 730 | ||
Development Costs | 5 | 300 | 593 | 368 | 104 | 42 | 79 | ||
Investments - Tarba Acquisition | - | 474 | - | - | 432 | 42 | |||
Investments - Interest bearing loans to Tarba | 6 | 292 | 748 | 252 | 226 | 270 | - | ||
Investments - Viura | - | 2,003 | - | 1,117 | 886 | - | |||
Debt Servicing and Repayments | - | - | - | - | - | - | |||
License fees & Taxes | 38 | 778 | 248 | 106 | 425 | - | |||
Total Group Cash Outgoings | 1,432 | 6,899 | 1,319 | 2,184 | 2,544 | 851 | |||
Group Cash on Hand at End of period | 907 | 42 | 42 | 189 | 569 | 1,438 | |||
Notes
1 | Group cash represents the cash resources within the Company's control and therefore excludes any cash balances held by HEYCO Energy Iberia, in which Prospex owns 7.5%. |
2 | Gross operating revenues only include receipts into group entities under Prospex control and therefore exclude Viura. |
3 | Debt raise proceeds are shown net of costs & any pre-existing debt satisfied by issuance of CLNs. |
4 | OPEX includes direct operating expenditure corresponding to Prospex's net share of Selva Malvezzi, as well as Prospex overhead and administration costs. |
5 | Development costs in Q1 2026 primarily relate to seismic processing on Selva Malvezzi. |
6 | Tarba Energia Opex, net of electricity sales, is supported while the activity to deliver drilling permits on El Romeral is progressing. |
Tom Reynolds, Prospex's CEO, commented:
"I am pleased to provide shareholders with an overview of Q1 2026 activities, including unaudited group cash-flow for the period, as part of the Company's ongoing commitment to transparency. Q1 2026 was a period of transition for the Company following my appointment as CEO, providing an opportunity to reassess priorities and re-evaluate our investment portfolio to ensure the Group is positioned for long-term growth.
"During the quarter, we successfully raised approximately £2 million through the CLN financing, exceeding our initial target by 25%. This enabled us to fund our share of investments across the portfolio, including the seismic processing programme at the Company's Selva Malvezzi licence in Italy, at a time of continued strength in European gas markets.
"As we enter the second quarter of 2026, the Company has cash on hand to fund its new licences in Poland and to progress early assessment of prospectivity on that acreage. Strong revenues from gas sales in Italy, driven by elevated European gas prices, are expected to add to that cash balance. I expect Q2 2026 to be a period of consolidation with a focus on planning in support of future investment in the Company's key assets as well as corporate development activity.
"As previously shared with shareholders, activity across all assets is expected to converge around the end of 2026, with capex required in 2027. Over the remainder of 2026, the Company will continue to evaluate all available funding options to support its development plans whilst limiting shareholder dilution where possible."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Prospex Energy is an Investment entity as defined by IFRS 10, and as such the results of its subsidiaries are not consolidated up to the parent company in its statutory and audited reporting. Those audited financial statements therefore represent the financial position of the Company on a standalone basis, and the Company's investments in its subsidiaries, joint ventures and underlying assets are recognised at fair value through the profit and loss. The unaudited figures included in this presentation, are not provided to meet any statutory or regulatory requirement and should not be used as a basis of an investment decision.
* * ENDS * *
For further information visit www.prospex.energy or contact the following:
Tom Reynolds | Prospex Energy PLC | Tel: +44 (0) 20 7236 1177 |
Ritchie BalmerRory Murphy | Strand Hanson Limited | Tel: +44 (0) 20 7409 3494 |
Andrew Monk (Corporate Broking)Andrew Raca (Corporate Finance) | VSA Capital Limited | Tel: +44 (0) 20 3005 5000 |
Neil Passmore Leif Powis | Hannam & Partners | Tel: +44 (0) 20 7907 8500 |
Ana Ribeiro / Charlotte Page | St Brides Partners Limited | Tel: +44 (0) 20 7236 1177 |
About Prospex Energy
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.
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