Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
23 February 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Result of the General Meeting, Equity Issue and TVR
Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce that both resolutions at today's General Meeting were passed.
As a result, a total of 70,137,143 new Ordinary Shares will be issued pursuant to the Placing, Subscription and the Broker Option announced on 9 February 2022, which will raise
Admission to Trading
The Company has applied to the London Stock Exchange for admission of 70,137,143 new Ordinary Shares to trading on AIM ('Admission'). Admission is expected to occur on or around 24 February 2022. On 23 February 2022 there are 177,310,283 Ordinary Shares in issue and 7,361 shares held in Treasury. Following Admission, there will be 247,447,426 Ordinary Shares in issue. Deducting the 7,361 held in Treasury there will accordingly be 247,440,065 Ordinary Shares that may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
Use of Funds
Proceeds of the fundraising will be used to:
· acquire 20% of the Selva Malvezzi Field in
· Fund the development costs of the Selva project to first gas expected in Q1 2023
The Italian Ministry of Ecological Transition has informed the operator of the Podere Gallina licence that subject to the final consultation with the local regulators and stakeholders, the production concession can be awarded. This process is expected to complete in May 2022.
Mark Routh, Prospex's CEO, commented:
"Following this Placing, Subscription and Broker Option, which has brought us to a total of
"Additionally, our work on the infill well drilling campaign on the El Romeral concession in
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of
* * ENDS * *
For further information visit www.prospex.energy or contact the following:
Mark Routh |
Prospex Energy PLC |
Tel: +44 (0) 20 7236 1177 |
Rory Murphy |
Strand Hanson Limited
|
Tel: +44 (0) 20 7409 3494 |
Colin Rowbury |
Novum Securities Limited |
Tel: +44 (0) 20 7399 9427 |
Duncan Vasey |
Peterhouse Capital Limited |
Tel: +44 (0) 20 7220 9797 |
Susie Geliher |
St Brides Partners Ltd
|
Tel: +44 (0) 20 7236 1177 |
Notes
Prospex Energy PLC is an AIM quoted investment company focussed 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 applying 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 revenues that can then be deployed to develop the asset base and increase production further.
About Selva:
The Podere Gallina Licence is in the Po Valley region of
Subject to the award of the Production Concession by the Italian authorities, expected in May 2022, first gas is targeted for Q1 2023.
The Podere Gallina Licence holds independently verified 2P gross reserves of 13.4 Bcf (5.0 Bcf net to Prospex at 37% WI), gross Contingent 2C Resources of 14.1 Bcf (5.2 Bcf net) and a further 91.5 Bcf of gross Best Estimate Prospective Resources (33.9 Bcf net).
(Source: CGG Services (
About El Romeral and Tarba
The El Romeral gas and power project in
Prospex also owns a 15% working interest in the large scale Tesorillo gas project in southern
The Tesorillo permit is temporarily suspended, awaiting Ministry resolution and reinstatement as production licence. The Tesorillo permit contains the Almarchal-1 gas discovery well (drilled in 1957) which logged 212m of net gas pay. Multiple drill stem tests flowed gas to surface.
Operated by Tarba (85% Warrego Energy (ASX:WGO) and 15% Prospex). Prospex has an option to increase to 49.9% for
The updated Corporate Presentation for Q1-2022 is available on the Company's website at https://bit.ly/3G6JtCm.
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