Italy Production Concession Update - EIA lodged

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

29 June 2026

Prospex Energy PLC

("Prospex" or the "Company")

Italy: Selva Malvezzi Production Concession - Operational Update

Environmental Impact Assessment lodged with Italian regulators

Prospex Energy PLC (AIM: PXEN), the AIM quoted investment company focused on European gas and power projects, is pleased to provide an update from the Selva Malvezzi production concession in Italy following the announcement by Po Valley Energy Limited ("Po Valley Energy") (ASX: PVE) of an update on activities.

Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of PVE, is the operator of the Selva Malvezzi production concession and owns a 63% working interest. Prospex holds the remaining 37% working interest.

On Friday, June 26th, PVO filed an Environmental Impact Assessment ("EIA") with Italy's Ministry of Environment and Energy Security ("MASE"). The EIA covers the project to drill, develop and commission four new wells within the Selva Malvezzi Production Concession in the Po Valley Basin in Northern Italy. The four proposed wells are relatively close to the existing Podere Maiar 1 well, which has been in continuous production for three years since July 2023 at approximately 80,000 Scm/day.

Processing of the 3D seismic data, covering approximately 140 square km, is expected to be completed in July, with interpretation work commencing immediately thereafter. The objective of this work is to deliver a high-resolution, three-dimensional subsurface model which will inform the drilling program once Ministry approval is received.

The filing of the EIA is a significant milestone in support of the four-well program, which targets the significant gas potential of the Selva Malvezzi concession. A successful development, connected to the existing SNAM National pipeline located close to the concession, will contribute to the energy security of the Emilia Romagna region of Italy.

Tom Reynolds, Prospex's CEO, commented:

"The filing of the EIA follows months of work by our partner and operator, PVO. The PVO team worked diligently to produce a comprehensive, high-quality submission and I would like to extend my thanks to them. This will allow the Ministry to assess the suitability of these projects promptly. Approval of the EIA will allow Po Valley Energy to begin the ambitious drilling program in 2027, benefiting the Emilia Romagna region of Italy and all our stakeholders.

"Delivery of this milestone takes us another step closer to delivering the full potential from the Selva Malvezzi concession."

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.

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For further information, visit www.prospex.energy or contact the following:

Notes

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.

About Selva:

The Selva Malvezzi Production Concession is in the Po Valley region of northern Italy. The concession contains the Selva gas-field as well as exciting exploration and development opportunities. The Podere Maiar-1 well at Selva was completed in December 2017 and successfully found a commercial gas accumulation up-dip of the previous wells on the Selva field. The Company has a 37% working interest in the Production Concession held via Prospex's two wholly owned subsidiaries, PXOG Marshall Ltd (17% of the Licence) and UOG Italia Srl (20% of the Licence).

The Selva Malvezzi Production Concession holds independently verified 2P gross proven reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI) in Selva, gross Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further 88.2 Bcf of gross Best Estimate Prospective Resources (un-risked) (32.6 Bcf net).[1]

An independent Competent Person's Report of the Podere Gallina Licence which was converted into the Selva Malvezzi Production Concession at first gas in July 2023, was prepared by CGG Services (UK) Limited in July 2022 on behalf of the joint venture.[1] It attributed a total of 379 MMscm (13.4 Bcf) gross 2P reserves for the Selva redevelopment project.

References:

[1] Source: "Competent Person's Report Podere Gallina Licence, Italy" prepared by CGG Services (UK) Limited in July 2022 : https://bit.ly/44VF02A

Glossary:

Bcf Billion standard cubic feet

MMscm Million standard cubic metres

MMscfd million standard cubic feet 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.