Third Quarter Unaudited Group Financial Update

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

24 November 2025

Prospex Energy PLC

("Prospex" or the "Company")

Third Quarter 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 unaudited quarterly financial indicators for the Prospex group of companies (the "Group"), including group cash and near-cash balances under the Company's direct control, net results of financing activities, additions to investments and the Group's share of gross operating revenues for the first three quarters of 2025.

Key Points

• £3.763m of additional investments have been made in the year-to-date. Of this, £2.645m (70%) has been funded from internal resources and the balance, from a net equity raise of £1.118m in Q3.

• £379k cash and near-cash held in the Group (excluding Viura) at 30 September 2025, reflecting a £1.26m reduction year-to-date due primarily to the increased investment in Group assets.

• Group full-year 2025 share of gross sales on-track to surpass 2024.

Prospex Energy Group - Unaudited

Notes

1 Includes PXEN £916k share of Viura Q1 net income, retained in the joint-venture company, to be utilised in the ongoing Viura drilling program.  The joint-venture company is not controlled by PXEN.

2 Includes PXEN £1.222m share of gas and condensate sales at Viura.

3 Includes £484k paid for the remaining shares in Tarba Energía, and £905k new capital invested in Viura.

4 There was no Q2 production at Viura due to workover.

5 Includes £1,137k new capital invested in Viura and £87k further investment in Tarba Energía.

6 No Q3 production at Romeral or Viura. Production at Viura recommenced in October.

Mark Routh, Prospex's CEO, commented:

"I am pleased to share the unaudited group financial indicators for the first three quarters of 2025 which show the significant steps made in re-investing production income during the year. In the year-to-date ended 30 September 2025, the Company raised a net £1.118m via equity and utilised a further £2.645m of the Group's internal funds to invest a total of £3.763m in growing the Group's assets. Part of this was the acquisition of shares of Tarba Energía in April 2025 resulting in the Company owning 100% of the El Romeral power plant, the three El Romeral Production Concessions and 100% of the Tesorillo & Ruedalabola exploration licences with their related gas reserves and resources. The process to approve the drilling of five further wells on the El Romeral concessions is progressing with the full EIA documentation now with the central Ministry in Madrid for final approvals.

"Substantial further investments have been made in HEYCO Energy Iberia, the Company which owns and operates the Viura producing gas field in northern Spain, in which Prospex is a 7.5% shareholder. 

"The Selva Malvezzi production concession in northern Italy continues its steady production and cash generation with a new gas sales contract agreed with Hera Trading in Q3-2025 and permits to drill four further wells on the concession advancing at pace. The 3D-seismic survey acquisition which is currently underway will optimise the targets for those wells.

"With the planned expansion into Poland where the licence applications are underway, it is satisfying to be delivering on the strategy of growing the Company's portfolio of gas reserves to deliver natural gas into the European energy markets where demand is strong and continues to increase.

"It continues to be the Company's intention to finance Capex requirements over the next 2-3 years through a combination of farm-downs, debt-finance, internal resources and, as appropriate, equity funding. All financing options are being advanced to support the Company's growth and deliver shareholder value.

"Prospex remains one of the few UK-listed companies offering investors direct exposure to onshore European gas markets, estimated to be valued at circ. US$130 billion in 2024, and expected to have a compound annual growth rate (CAGR) of 4.8% from the estimated US$130 billion in 2025 to 2033*."

* Europe Gas Market Size, Share, 2033

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: