Company Announcements

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

27 March 2024

Prospex Energy PLC

('Prospex' or the 'Company')

Final Settlement of Convertible Loan Note Debts

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, announces that it has settled the third and final capital repayment plus accrued interest from the Convertible Loan Notes issued in September 2022 from accumulated cash within the Company.

Convertible loans which were convertible at 5.5p per share of original aggregate value of £500,000 were issued to three individuals pursuant to a Convertible Loan Note Deed dated 2 September 2022.  In settlement of the third and final quarterly debt repayments, a total of £175,239.83 has been paid to the three Convertible Loan Note holders being the capital repayment of £168,487.09 plus accrued interest to 31 March 2024 of £6,752.74.

Mark Routh, Prospex's CEO, commented:

"I am thrilled to announce to our shareholders that we have successfully made our final debt payment, marking a significant milestone as the Company is now completely debt-free.  With regular monthly income from our two producing assets - gas in Italy and electricity sold from our gas production into our power plant in southern Spain, the Company has established a sound footing for the growth and development of its activities.

"The Company and its highly experienced new business team are actively reviewing a number of potentially interesting investment opportunities with a focus on diversified European energy projects prioritising natural gas and power and renewable energy projects.  We will continue to seek others, employing rigorous project analysis.

"Surplus funds generated from our assets are being accumulated in the Company's investment and joint venture vehicles to provide funding for future projects, in particular the three wells planned in Italy and the five wells going through the permitting process in Spain."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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For further information visit www.prospex.energy or contact the following: