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

11 October 2022

Prospex Energy PLC

('Prospex' or the 'Company')

Exercise of Options, Conversion of Loan Notes and TVR

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received a notice to convert £21,250 of a convertible loan note in exchange for the issue of 500,000 new ordinary shares of 0.1p each in the Company ("Ordinary Shares") and a notice for the exercise of share options previously issued to subscribe for 696,171 new Ordinary Shares.  

The abovementioned convertible loan note was issued in July 2022 and each note is convertible at 4.25p pursuant to a Convertible Loan Note Deed dated 18 July 2022.

The share options were issued pursuant to an option agreement dated 20 July 2020 and have been exercised by a former director of the Company.  The exercise price is 4 pence per option exercised, therefore generating proceeds of £27,846.84 for the Company. 

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for admission of, in aggregate, 1,196,171 new Ordinary Shares to trading on AIM ('Admission') as a result of the above conversion and exercise.  Admission is expected to occur on or around 14 October 2022.  There are currently 272,984,675 Ordinary Shares in issue.  Following Admission there will be a total of 274,180,846 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: