Prospex Energy Plc
LLSE:PXEN5.85
GBX
0.00
(0.00%)
Prospex Energy Plc
LSE:PXEN
(London Stock Exchange)
Recent
price
5.85
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ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Prospex Energy PLC (AIM: PXEN) is an investment company focused on high-impact onshore and shallow offshore natural gas and power projects in Europe. The company holds working interests in producing natural gas fields and electricity generation facilities, including a 7.24% indirect interest in the Viura gas field in northern Spain through its subsidiary PXOG Muirhill Ltd and a 7.5% stake in operator HEYCO Energy Iberia S.L., which owns 96.5% of the concession; a 37% working interest in the Selva Malvezzi production concession in northern Italy operated by Po Valley Operations Ltd; a 100% interest in the El Romeral gas-to-power facility in southern Spain through its affiliate Tarba Energía S.L.; a 15% interest (with option to increase to 49.9%) in the Tesorillo exploration permit in southern Spain; and applications pending for onshore exploration licenses in Poland via 100%-owned PXEN Tatra Sp. z o.o. It generates revenues from natural gas sales linked to European benchmarks such as Italy’s Heren PSV index under an extended contract with BP Gas Marketing Ltd and electricity sales to the Spanish national grid. Operations span Spain, Italy and Poland, with headquarters in London, England; the company was incorporated in 1999. In August 2024, Prospex raised £4.2 million to acquire its Viura interest and commenced funding a multi-well development program, including the Viura-1B well which achieved initial flow rates of 300,000 scm/d gross (43,000 scm/d net) in December 2024 before a planned shut-in for workovers; further investments of £903,000 were made in Viura in early 2025. In April 2025, it exercised a right of first refusal to acquire full ownership of Tarba Energía for €663,000, securing 100% control of El Romeral and related permits at a cost of US$0.092/boe. Recent advancements include a 10-year extension of El Romeral concessions to 2034, approval for a 3D seismic survey at Selva Malvezzi targeting four new wells, progression of permits for five El Romeral wells with no public objections noted in the environmental impact assessment, and settlement of all convertible loan note debts in March 2024, leaving the company debt-free with strengthened net assets of £24.6 million at year-end 2024.