Prospex Energy (PXEN) H1 2024 earnings summary

Executive summary

• Investment portfolio projects operated on a fully self-funded basis, with no serious health, safety, or environmental incidents in Italy and Spain.

• Acquisition of a 7.2365% interest in the Viura gas field in Spain, adding a third onshore producing asset.

• Ten-year extension granted for El Romeral gas concessions in Spain and a 12-month extension to the Selva Malvezzi gas supply contract in Italy.

• Actively advancing permitting for new wells in both Spain and Italy to increase production capacity.

Financial highlights

• Net loss after taxation for H1 2024 was £275,120, a significant improvement from H1 2023 loss of £888,473.

• All interest-bearing debt and accrued interest repaid; company is now debt-free.

• Cash and cash equivalents at 30 June 2024 were £10,991, with €794,762 held in non-consolidated investments and joint ventures.

• Administrative expenses increased to £521,209 in H1 2024 from £461,322 in H1 2023.

• Basic and diluted loss per share for H1 2024 was (0.08)p, compared to (0.31)p in H1 2023.

Outlook and guidance

• Focus remains on growing the asset portfolio and income streams by increasing productivity of existing assets and seeking new investments.

• Ongoing development at Viura with one well being drilled and two more planned for next year.

• Applications submitted for five new wells at El Romeral and preparations underway for four new wells at Selva Malvezzi.