Prospex Energy (PXEN) Status update summary

Investment strategy and value creation

• Focus on real energy assets, especially European natural gas, for inflation resilience, supply security, and value creation.

• Active management and value creation through de-risking, development, production, and efficiency improvements.

• Regular asset valuation updates and disciplined capital allocation to ensure accretive returns.

• All assets are available for sale if not optimal for the next phase, with flexible funding options considered before equity.

• Emphasis on non-dilutive funding and maximizing shareholder value at every investment stage.

Asset portfolio and operational updates

• Selva Malvezzi (Italy): 37% interest, produces 80,000 scm/day, main cash flow source; seismic and CPR update for 2026, four-well drilling planned for 2027–2028.

• El Romeral (Spain): Power generation resumed after transformer replacement; five-well drilling program pending permits, seeking farm-in partners.

• Viura (Spain): 7.24% minority interest; dynamic reservoir modeling ongoing, drilling prep for 2027, cash flows retained at JV level.

• Tesorillo and Ruedalabola (Spain): Licenses suspended; efforts ongoing to re-engage regulators for exploration restart.

• Polish licenses (San and Dunajec): Awards expected April/May 2026, targeting Miocene gas and shallow oil; historic Mniszów oil discovery offers quick cash flow potential.

Financial position and funding approach

• 2025 revenue of £3–3.5m, mainly from Italy, covers OpEx, overhead, and £750k annual investment.

• Tarba required £748k in loans due to transformer failure; Viura cash flows not consolidated.

• CLN raise in early 2026 was oversubscribed, providing near-term investment capital.

• Ongoing focus on securing additional capital to support investment requirements, with all funding options considered.

• Commitment to exhaust all non-equity funding options before considering shareholder dilution.