Italy: Selva Malvezzi – Operational Update

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

4 December 2025

Prospex Energy PLC

("Prospex" or the "Company")

Italy: Selva Malvezzi Production Concession - Operational Update

Work Programme delivered on Budget and on Time

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 publication by Po Valley Energy Limited ("Po Valley Energy") (ASX: PVE) of an update on activities. ASX:PVE_Announcement_4Dec2025.

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

Highlights

· Successful completion of the 3D geophysical acquisition campaign over the Selva Malvezzi Concession area in Italy on 27 November 2025.

· The programme which covered approximately 140 square kilometres will be instrumental in fine tuning the Joint Venture's four well development programme on this concession.

· 3D seismic survey data acquisition commenced on 13 November 2025 and completed on 27 November 2025 having recorded 5,052 vibration points, with only three hours of weather standby.  The contractor laid out 8,380 wireless geophones and used single sweeps from four Vibroseis trucks operating simultaneously in separate quadrants.

· The acquired data is being collated and will undergo time-domain volume processing over the coming months in order to deliver a high-resolution three-dimensional subsurface model in support of future field development planning and potential resource upgrades.

· The Operator will carry out the subsequent interpretation of the data in-house with results expected to be announced in Q2-2026.

Mark Routh, Prospex's CEO, commented:

"I am very pleased to report that Po Valley Energy has completed this ambitious work programme safely and efficiently. With the benefit of an unusually dry November the survey has been completed on budget and ahead of schedule.

"The Po Valley team in Italy are to be congratulated for delivering an excellent project whilst co-ordinating the two contractors Geofizyka Toruń, on the data acquisition and Geotec in support of the complex permitting process throughout every phase of the project.

"The processed results will be interpreted in-house by the Po Valley team with the dual objective of optimising the subsurface drilling targets of the four new wells to be drilled on the Selva Malvezzi concession and delivering an upgrade to the certified gas resources."

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 investment company focussed 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 applying 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 revenues that can then be deployed to develop the asset base and increase production further.

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.

Qualified Person Signoff

In accordance with the AIM notice for Mining and Oil and Gas Companies, the Company discloses that Mark Routh, the CEO and a director of Prospex Energy plc has reviewed the technical information contained herein. Mark Routh has an MSc in Petroleum Engineering and has been a member of the Society of Petroleum Engineers since 1985. He has over 40 years operating experience in the upstream oil and gas industry. Mark Routh consents to the inclusion of the information in the form and context in which it appears.

Figure 1 -: Selva Malvezzi Production Concession