3rd Quarter Results

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

28 October 2026

Prospex Energy plc

(“Prospex” or the “Company”)

Third 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 Q3 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 30 September 2026, additions to investments and receipts from gas and electricity sales for the third quarter of 2026.

Q3 2026 Overview

Cash

• £1,701,000 of combined revenue from both Selva Malvezzi Production Concession (“Selva”) and Tarba Energía S.L. (“Tarba”), reflecting higher European energy prices over the period.
• The Group closed Q3 with £1,515,000 in cash, a 78% increase on the previous quarter (Q2 2026: £852,000)

Selva Malvezzi

• Production from Podere Maiar-1 (“PM-1”) well is steady at approximately 60,000 scm/day following a managed reduction in the choke setting in response to a modest increase in water production.
• The operator Po Valley Operations Pty Ltd (“PVO”) reduced the production rate as part of planned reservoir management, and in line with normal reservoir management practice, consistent with the development plan’s expected production profile. A decision on modestly increasing the flow rate will be made following further well-data analysis
• High European gas prices averaging €0.69/scm delivered record revenues in Q3 and continue to support strong revenue offsetting the impact of reduced production levels.
• Schlumberger Italy delivered a preliminary dataset following processing of the recently completed 3D seismic survey. The team will interpret the data in detail to confirm drilling locations for the planned 2027 drilling campaign.
• New 12-month gas agreement signed with Hera Trading S.r.l. ("Hera") came into force on 1 October 2026.
• Italy's Ministry of Environment and Energy Security ("MASE") has confirmed admissibility of the Environmental Impact Assessment for the four-well drilling programme 60-day public observation period now underway.

Romeral, Tarba Energía

• Electricity generation revenue at Romeral increased during the quarter supported by stable production and strong electricity prices. As a result, Tarba was self-sufficient on a current cash basis for August and September, removing the need for funding support from Prospex.
• Successful installation of a new transformer at Romeral, saving c.€14,000 on monthly operating costs. The new transformer cost requires no further funding from Prospex.  

Viura

• HEYCO Energy Iberia (“HEI”), the operator of Viura, focused on maximising cash generation while preparing for an interference and water re-injection test using the Viura 1 ST3 well. This testing commenced after the end of the period during October and early indications are encouraging.

Poland

• Following collation of historical information on the Mniszow oil discovery located in the Dunajec licence, a production solution was developed based on local data and analogue developments which use lateral drilling techniques in fractured carbonate reservoirs.
• A site visit to Mniszow took place in September, during which the management team visited the licence area and met with local suppliers of seismic and drilling services.
• The first of a series of asset “deep dive” presentations was published via the IMC platform covering the Mniszow oil discovery within the Dunajec licence in Poland.

Corporate

• Completion and publication of the Company’s interim accounts, which demonstrate positive development of cash dynamics after taking into account one-off costs associated with the CLN capital raise and management change in Q1.

Prospex Energy Group - Unaudited

Selva Malvezzi Concession, Italy

• Production from the Podere Maiar-1 (“PM-1”) well remained robust during the September 2026 quarter, with average daily production of 73,326 scm (100% basis).
• During the second half of September, PVO prudently reduced the well’s gas flow rate to approximately 60,000–62,000 scm/d in response to an increase in formation-water production. The adjustment was implemented to allow detailed monitoring of well performance and to protect long-term gas recovery.
• Formation-water production increased from approximately 40–45 litres/d to 70–100 litres/d. A slickline intervention was carried out from 29 to 30 September to investigate the change. The results were positive: at the reduced gas flow rate observed from 15 September, water production remained stable at approximately 80–90 litres/d, while pressures remained within the normal operating range. No sand or silt production was detected, and the depth of top sediments was unchanged.
• Based on these positive results, PM-1 will continue to produce from the C2 level at a controlled rate of approximately 60,000 scm/d during October. Production parameters, particularly water production and pressures, will be closely monitored. The objective is to maintain stable well performance and safeguard long-term gas recovery.
• If water production and pressures remain stable, as observed from 15 to 30 September, management intends to increase the gas flow rate to approximately 62,000–65,000 scm/d at the end of October. A further increase may be considered following an additional monitoring period, subject to well performance and technical data.
• PM-1 is connected to two reservoir zones: the upper C1 and lower C2 sands. The well currently produces exclusively from the C2 sands, and the joint venture has enjoyed a consistent period of stable production with high plant uptime.
• The well management approach described here is designed to optimise recovery from the C2 interval.
• The next scheduled slickline intervention is planned for January 2027, subject to ongoing review of production data.
• Strong European gas prices supported financial performance during the quarter. The weighted average realised gas price was €0.69/scm, resulting in revenue for the September quarter € 4,566k gross (€1,689k net). The gas price on 30 September was €0.75/scm, and current indications for October are above €0.80/scm.

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

The Company’s focus during the quarter was to develop a drilling and completion strategy to deliver commercial oil production from the Mniszow oil discovery. The Company developed this strategy by working with a team of specialist contractors, including during the site visit in September.

The development strategy involving lateral drilling techniques, which have been deployed successfully in other fractured carbonate reservoirs, is described in the Company’s recent IMC presentation available on this link: https://youtu.be/2Ld9AG15xpM

El Romeral, Spain

The new transformer, originally ordered in September 2025, was delivered to site and successfully installed and commissioned during the quarter. This allowed Tarba to return the rental transformer unit to the supplier, reducing monthly fixed opex by c. €14,000. Notably, the transformer cost requires no further contribution from Prospex, as Tarba is expected to fully fund it from internal cash flow. 

Gas production and electricity generation have continued at Romeral throughout the quarter against a backdrop of consistently strong electricity prices. As a result, Tarba made a positive net cash contribution for the quarter of £105,000. The Company has assessed El Romeral’s ability to sustain current generation. Based on well and reservoir behaviour, current levels are expected to continue until Q3 2027 with the potential to extend further.

Viura, Spain

During the quarter, operator HEI continued to manage field operations to maximise cash generation, taking advantage of high gas prices. HEI also prepared for an interference and water re-injection test, to validate the reservoir dynamic model and the potential use of the existing Viura 1 ST3 as a produced water disposal well.

After the end of the period HEI began interference and water injection testing at the Viura 1 ST3 well and initial results are encouraging. Establishing sustainable water injection capability at the Viura location would improve reserves recovery, opex and cash generation and Prospex will provide updates on this activity in due course.

*Sept 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 Q3 2026 activities, including unaudited Group cash-flow figures for the period. During the quarter, we focused on operational delivery at El Romeral, resulting in a cash surplus and advanced detailed development plans at Mniszow in Poland.

“At Selva Malvezzi, PM-1 delivered record production and revenues during the quarter. The new seismic data is feeding into the 2027 drilling and activity plan, which aims to establish additional productive wells within the concession. In the meantime, the PM1 well will be carefully managed to optimise its continuing contribution.

“Ending the quarter with a strong cash balance of over £1.5 million provides the Prospex with sufficient cash to progress assets in the near term. Consistent with previous guidance, I expect medium-term capital needs to be met by introducing partnership capital at the asset level where the Company has engaged with a number of interested counterparties. This will allow us to add value to our assets through discovery, de-risking and development, maximising value for existing shareholders.”

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.