Total CLN Funding Reaches £2m, 25% Above Target

Prospex Energy PLC

18 March 2026

 

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

18 March 2026

Prospex Energy PLC

('Prospex' or the 'Company')

 £653,950 Raised in Extended CLN Offer as Total Funding for the CLN Reaches £2 million, 25% Above Target

Prospex Energy PLC (AIM: PXEN), the AIM-quoted investing company focused on European gas and power projects, is pleased to announce that it is now in receipt of committed subscriptions totalling £653,950 for the extended offering of its unsecured Convertible Loan Notes ("CLN"), which was announced on 13 March 2026.  This brings the total funds raised through the Company's CLN offer to £2 million, 25% above the original £1.6 million target.

Highlights

·    Committed subscriptions of £653,950 (in addition to the £1,346,050 previously announced on 19 January 2026) for the Company's offering of unsecured Convertible Loan Notes of £1 each, due at the end of June 2028 (the "Loan Notes").

·    Subscriptions for this round were significantly oversubscribed due to strong investor demand with allocated capacity being limited by the Board to a cumulative aggregate hard cap of £2 million

·    The Loan Notes issued after 12 March 2026 are convertible at 3p per ordinary share at the election of the investor after the first anniversary of the date of subscription.

·    Interest of 12% per annum is payable quarterly, with the first two interest payments on 31 March 2026 and 30 June 2026 to be capitalised and added to the loan principal rather than paid in cash.

·    Loan principal to be repaid in three tranches at the end of December 2027, the end of March 2028 and the end of June 2028.

·    Forecast increased gas production from the drilling campaigns on all three of the Company's production concessions is expected to cover the capital repayments.

·    Net proceeds will be used to support the Company's ongoing activities, including current and future capital expenditure requirements.

·    Ongoing operational costs and overheads continue to be met from production income generated by the Company's existing production.

Tom Reynolds, Prospex's CEO, commented:

"I am delighted by the support shown by existing and new investors for the Loan Note offering, resulting in the CLN being oversubscribed. The Board decided to cap the subscription level at £2 million to strike a balance between securing funding for value-adding activity and avoiding unnecessary dilution at this time, which we believe is in the best interests of shareholders.

"The funds raised will enable the Company to secure asset value and broaden its range of growth opportunities. I would like to thank all those who participated in the fundraise and I look forward to engaging with investors at the upcoming Investor Meet Company online event scheduled for 26 March 2026."

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:

Tom Reynolds, CEO	Prospex Energy PLC	Tel: [phone]
Ritchie Balmer Rory Murphy	Strand Hanson Limited	Tel: [phone]
Andrew Monk (Corporate Broking) Andrew Raca (Corporate Finance)	VSA Capital Limited	Tel: [phone]
Neil Passmore Leif Powis	Hannam & Partners	Tel: [phone]
Ana Ribeiro / Charlotte Page	St Brides Partners Limited	Tel: [phone]

Notes

Prospex Energy PLC is an AIM quoted investing 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. 

 

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