Mark Routh of Prospex Energy: funds raised will more than double the company's current holding in Selva

Justin Waite
Vox Markets Podcast
13:00, 7th February 2022

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Mark Routh, CEO of Prospex Energy #PXEN FOLLOW explains how they will used the cash raised to more than double the company's current holding Selva Field in Italy.

Highlights from Conditional Placing and Subscription to raise £2.395 million and Notice of General Meeting

· Proceeds of the fundraising will be used to:

Acquire 20% of the Selva Field in Italy, more than doubling the company's current holding from 17% to 37%, estimated to add 2.7 billion cubic feet ("Bcf") of 2P gas reserves to Prospex's portfolio

Fund the development costs of the Selva project to first gas expected in Q1 2023

· Full Director participation in the subscription

·  Existing shareholders who have not had the opportunity to participate in the placing, will be able to do so now at the same placing price through Broker Option Shares via Peterhouse Capital Ltd (contact details below) to raise up to a further £0.24 million

·  Proposed removal of pre-emptive rights over 41.3 percent of the enlarged share capital to allow the Company to capitalise on the fast-moving opportunities within the energy sector and advance its existing portfolio

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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