Proposed Independent Non-Executive Director

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

9 August 2021

Prospex Energy PLC ('Prospex' or the 'Company')

Proposed Independent Non-Executive Director Appointment

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce that it intends to appoint Mr Alasdair Buchanan, a highly experienced upstream oil and gas professional, to the Board of Prospex as an independent Non-Executive Director.

Alasdair's appointment as a director is conditional on the satisfactory completion of the Company's nominated adviser's due diligence processes, which are now underway.  A further announcement is expected to be made in this regard in the coming weeks.

Alasdair has 40 years' experience in the upstream oil & gas industry.  Most recently he was Global Energy Director at Lloyds Register and was Chief Operating Officer and a director of Senergy Group plc, the global provider of sub-surface drilling and project management services, responsible for 750 employees.  Alasdair was also a non-executive director of Warrego Energy from 2014-2019 prior to its public listing on the ASX.  Alasdair worked for Halliburton for three years in Aberdeen and Texas, most recently as Vice President UK and worked for BJ Services for 28 years both in the UK and internationally.

Alasdair has a BSc (Hons) in Chemical Engineering from the University of Edinburgh and has been a member of the Society of Petroleum Engineers since 1984.

Bill Smith, Chairman of Prospex commented:

"Subject to completion of the necessary due diligence process, we are extremely pleased to welcome Alasdair to the Board of Prospex.  His background in the upstream service industry sector will bolster the technical and operational capability of the Board.  He also brings a wealth of experience at senior executive and board director level with multi-national global service companies.  Prospex will continue to develop the existing asset base and take advantage of new opportunities and Alasdair brings a depth of experience to the team for the benefit of all shareholders."

This announcement contains inside information.

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

Notes

About Prospex Energy

Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European gas and power opportunities.  The Company acquires undervalued projects and then applies low-cost re-evaluation techniques to identify and de-risk prospects.  Prospex currently holds a portfolio of three projects: the Podere Gallina Permit in Italy where first gas at the Selva field is targeted for early 2022; the El Romeral gas and power project in Spain, which includes three producing wells that supply gas to a 100% project-owned 8.1MW power plant; and the large scale Tesorillo gas project in southern Spain, which has the potential to hold gross un-risked Prospective Resources of 830 Bcf of gas (Best Estimate), with upside in excess of 2 Tcf.  The Company's strategy is to 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.