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

22 October 2025

Prospex Energy plc

("Prospex" or the "Company")

Prospex Advances European Growth Strategy

with Polish Licence Applications Published in EU Gazette

Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on European gas and power projects, is pleased to announce that its applications for two onshore licence areas in Poland were published in the official EU Journal on 14 October 2025.

Prospex, through its wholly owned subsidiary PXEN Tatra Sp z.o.o. has applied for two licence areas onshore in southern Poland which have been named 'San' and 'Dunajec'.  The projects meet the Company's stringent investment criteria, being areas which have proven gas production, high potential prospectivity in the targeted geological horizons, high potential for new reserves to be unlocked and can be brought onstream within two to three years.

Under EU laws, the application to licence open areas for hydrocarbon exploration and exploitation must be subject to a competitive process.  The EU Journal announcement provides information about the opportunity to make a competitive offer for the defined exploration areas.  A 90-day application window now follows the publication, where interested entities must submit concession applications to Poland's Ministry of Climate and Environment.  Only companies that have pre-qualified to apply for licences may make such submissions.  Prospex has already pre-qualified to apply for onshore open acreage hydrocarbon exploration licences in Poland.  (Ref RNS_4_October_2024.)

The bidding process is fully confidential and the selection criteria are defined.  If competitive applications are received the ultimate selection to award is determined by the regulator.  There is no opportunity to improve an offer or argue a specific case.

Full details of the proposed work programmes and the licence areas remain confidential until such time as the Ministry awards the licences.  The 90-day application window ends in January 2026.  Then the administrative procedure to award the licences will take approximately three months meaning that the earliest that the licences can be awarded is April/May 2026.  If Prospex is awarded the licences further details will be disclosed.

Mark Routh, Prospex's CEO, commented:

"Our planned expansion into Poland marks an important step in our active growth strategy and would add a third European nation to our portfolio reach.  The publication of our Polish licence applications in the EU Gazette is a positive step forward.  Our team has extensive exploration experience in Poland and so is very familiar with the regional geology and the regulatory environment.  Poland is well known for its hydrocarbon resources and has a regulatory regime which is supportive of natural gas investment as the nation focusses on its security of energy supply, so we are extremely excited by the development opportunities these new licences would present should they be awarded to Prospex."

Further Information

The licence applications have been submitted with PXEN Tatra initially having a 100% working interest.  Should the applications be successful, the Company's primary strategy will be to establish joint ventures to manage and operate the blocks.

PXEN Tatra has proposed an appropriate work programme in order to achieve licence award and maximise the chances of success of commercial discoveries.  The Company has an experienced Country Manager in Poland and consultant Reservoir Geologist based in Poland to manage and advance the applications.

'San' Licence Application

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202505529

'Dunajec' Licence Application

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:C_202505530

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

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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.