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

3 August 2026

Prospex Energy plc

("Prospex" or the "Company")

Second Quarter 2026 Overview and 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 Q2 overview and unaudited quarterly cash-flow update for the Prospex group of companies (the "Group"), including Group cash balances under the Company's direct control at June 30th, additions to investments and receipts from gas sales for the second quarter of 2026.

Q2 2026 Overview

Cash

·    £1,203,000 of gas sales revenue from Selva Malvezzi reflecting higher European gas prices since March.

·    The Group closed Q2 with £852,000 (Q1 2026: £907,000) in cash after paying initial licence fees for newly awarded licences in Poland and settling Selva 2025 production royalty and tax obligations.

Romeral

·    Electricity generation revenue at Romeral continues to increase following a series of extended production tests and strengthening electricity prices. This has reduced Tarba's net monthly funding requirement, with the reduction expected to continue into Q3. In parallel, we continue to engage with the Spanish government to advance permitting.

·    The Company entered into a strategic collaboration agreement with the IMMAGE (Investigating Miocene Mediterranean-Atlantic Gateway Exchange) Land-2-Sea drilling project to recover cores from the wells to be drilled by Prospex within the five well programme which is currently awaiting permits. The coring is funded by the International Continental Scientific Drilling Program (ICDP). 

Viura

·    During the quarter, operator HEYCO Energy Iberia advanced the dynamic reservoir model and defined several development scenarios for further drilling activity in 2027.

Poland

·    Wholly owned Polish subsidiary, PXEN Tatra Sp. z o.o. was awarded, and accepted, the San and Dunajec licences in Poland. These offer both medium-term gas exploration potential and near-term cash-generative oil development potential in the Mniszów oil resource.

Corporate

·    Satisfactory completion of 2025 audit and Annual General Meeting ("AGM") requirements. An extensive review of the Group's cost base and ongoing active measures were put in place to minimise costs, whilst identifying and developing assets and strengths.

·    Simon Ashby-Rudd was appointed as non-executive director, bringing significant capital markets and acquisitions expertise. Andrew Hay, who has served as a non-executive director of the Company since 2024, did not stand for re-election at the Company's AGM and stepped down from the board.

·    Creation of full potential modelling for each asset and the associated investment cases in support of engagement with prospective partners and investors.

·    Ongoing review of potential new investments with self-funding and near-term cash-generative potential.

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Selva Malvezzi

Continued safe and reliable production from the Podere Maiar-1 (PM-1) gas field

·    Environmental Impact Assessment (EIA) lodged with Italy's Ministry of Environment and Energy Security (MASE) for the proposed four-well drilling programme and related development within the Selva Malvezzi Production Concession; representing a significant permitting milestone.

·    Data processing of the recently completed 3D seismic survey continued during the quarter, supporting optimal well placement and future field development planning, including the Podere Maiar 1 gas field production area.

·    Strong realised gas prices of €0.48/scm, benefiting from supportive European gas market fundamentals amid ongoing energy security concerns.

Selva Malvezzi financial highlights

*Note: revenue net to Prospex in the quarter will differ from cash receipts presented in the unaudited cashflow analysis due to timing of payments received

Poland

Historical data was gathered and integrated to provide a clear view of the potentially recoverable resource at the Mniszów oil discovery. This increased the Company's view of the asset's potential to 3.7 mmbbl of recoverable oil and supported the case presented within the Full Potential analysis at the AGM in June.

El Romeral, Spain

Over the quarter, a series of production tests were conducted to better understand the well's ability to support increased generation activity. This has increased generation from 4 hours per day to 15 hours per day during late June and July following the end of the quarter.

Combined with higher electricity prices, revenue generated at Tarba increased from c. €20,000 in April 2026 to c. €73,000 in June 2026. This has significantly reduced the need for Prospex support, freeing cash for investment in other assets. The manufacture of the new transformer is complete and it will be installed in September, replacing the rental unit and reducing overheads further at Tarba.

Viura, Spain

During the quarter, operator HEYCO Energy Iberia advanced the dynamic reservoir model and defined several development scenarios. The production strategy was set to maximise cash generation by taking advantage of high gas prices.

*June sales gas expressed in MWhr is estimated, pending confirmation

Tom Reynolds, Prospex's CEO, commented:

"I am pleased to provide shareholders with an overview of Q2 2026 activities, including unaudited Group cash-flow figures for the period. During Q2, we reevaluated our investment portfolio, made significant progress on each asset, and conducted detailed analysis of the investment options available to us.

"During the quarter, strong European gas prices have supported higher levels of cash generation at Selva Malvezzi. We have also seen higher wholesale electricity prices for Tarba, where the team worked diligently through Q2 to increase total generation time and minimise costs. This has increased Tarba's net revenue, reduced the monthly cash requirement and freed up cash for other assets.

"On Mniszów, significant work has been carried out by the team to understand and estimate the in-place resources and identify potential technical solutions to efficiently access those resources. I believe this asset offers a near-term opportunity to introduce partnership capital to fund initial well work.

"The AGM provided an opportunity to demonstrate the full potential of the Prospex portfolio, which I believe will strengthen our ongoing discussions with prospective funding and strategic partners. To support this process, and as indicated at the AGM, we will run a series of asset-focused online presentations beginning in September providing a detailed review of each asset."

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.

Prospex Energy is an Investment entity as defined by IFRS 10, and as such the results of its subsidiaries are not consolidated up to the parent company in its statutory and audited reporting. Those audited financial statements therefore represent the financial position of the Company on a standalone basis, and the Company's investments in its subsidiaries, joint ventures and underlying assets are recognised at fair value through the profit and loss. The unaudited figures included in this presentation, are not provided to meet any statutory or regulatory requirement and should not be used as a basis of an investment decision.

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For further information visit www.prospex.energy or contact the following:

About Prospex Energy

Prospex Energy plc is an AIM-quoted investing company focused 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 apply 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 revenue, which can then be deployed to develop the asset base and further increase production.