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

22 September 2022

Prospex Energy PLC

('Prospex' or the 'Company')

Exercise of Options and TVR

Exercise of Options Generates £70,640

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received notices for the exercise of options to subscribe for 1,766,013 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").  The options were issued pursuant to option agreements dated 20 July 2020 and have been exercised by three former employees of the Company, two of whom are past directors.  The exercise price is 4 pence per option exercised, therefore generating proceeds of £70,640.52 for the Company.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for admission of 1,766,013 new Ordinary Shares to trading on AIM ('Admission').  Admission is expected to occur on or around 27 September 2022.  There are currently 265,693,365 Ordinary Shares in issue.  Following Admission, there will be a total of 267,459,378 Ordinary Shares in issue.  This will be the number of Ordinary Shares that may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

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: