Prospex Energy, the AIM quoted investment company focused on European natural gas and power projects, provides the following Q1 overview and unaudited quarterly cash-flow updated for the Prospex group of companies.

Q1 2026 Overview

• £912,000 (Q4 2025: £769,000) of gas sales revenue from Selva Malvezzi. Although the Group benefited from higher European gas prices in March, sales proceeds are received in the following month, so this will be reflected in Q2 receipts.
• The Group closed Q1 with £907,000 (Q4 2025: £42,000) in cash, providing funding for near-term requirements following the oversubscribed Convertible Loan Note ("CLN") issuance during the quarter.
• Appointment of new CEO, to position the Group for growth, liquidity and asset monetisation.
• Completed £2 million CLN fundraise, 25% above the original target of £1.6 million.
• Restart of production at El Romeral gas power plant in Andalucia, Spain, following the delivery and installation of a rental transformer.
• Advanced expansion into Poland with the award of the San and Dunajec onshore licences.

Tom Reynolds, Prospex's CEO, commented:
"I am pleased to provide shareholders with an overview of Q1 2026 activities, including unaudited group cash-flow for the period, as part of the Company's ongoing commitment to transparency. Q1 2026 was a period of transition for the Company following my appointment as CEO, providing an opportunity to reassess priorities and re-evaluate our investment portfolio to ensure the Group is positioned for long-term growth.

"During the quarter, we successfully raised approximately £2 million through the CLN financing, exceeding our initial target by 25%.  This enabled us to fund our share of investments across the portfolio, including the seismic processing programme at the Company's Selva Malvezzi licence in Italy, at a time of continued strength in European gas markets.

"As we enter the second quarter of 2026, the Company has cash on hand to fund its new licences in Poland and to progress early assessment of prospectivity on that acreage. Strong revenues from gas sales in Italy, driven by elevated European gas prices, are expected to add to that cash balance. I expect Q2 2026 to be a period of consolidation with a focus on planning in support of future investment in the Company's key assets as well as corporate development activity.

"As previously shared with shareholders, activity across all assets is expected to converge around the end of 2026, with capex required in 2027. Over the remainder of 2026, the Company will continue to evaluate all available funding options to support its development plans whilst limiting shareholder dilution where possible."

KeyFacts Energy: Prospex Oil and Gas Italy country profile