Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas
9 February 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Closing of the Broker Option
Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, provides an update on the Broker Option offered to all the Company's existing shareholders following the Company's announcement on Monday 7 February 2022.
After closing the Broker Option at 16:30 on Tuesday 8 February 2022, the Company is pleased to report that the Broker Option raised
Assuming all the Resolutions are approved at the General Meeting, a total of 70,137,143 new Ordinary Shares will be issued pursuant to the Placing, Subscription and the Broker Option. The Broker Option Shares will be admitted to trading at the same time as the Placing Shares and the Subscription Shares, subject to the approval of the Resolutions at the General Meeting at 10:00 on 23 February 2022.
As per the Circular, the Company reminds Shareholders that the deadline date by which proxy forms for voting at the General Meeting on 23 February 2022 must be received by Neville Registrars is 10:00am on 21 February 2022.
Capitalised terms in this announcement are as defined in the Company's circular to shareholders dated 7 February 2022.
Mark Routh, Prospex's CEO, commented:
"We are very pleased to have closed this Placing, Subscription and Broker Option with an extra 2.5 per cent. of the original placing being raised via the Broker Option bringing us to a total of
We look forward to growing the Company in the coming months starting with the acquisition of the 20% of the Selva Field 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'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.
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 March 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/3oyc91j .
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