Prospex Energy plc said it had received committed subscriptions totalling £1,346,050 for the offering of its unsecured convertible loan notes, each of £1 and convertible at three pence.
DIRECTORS’ DEALINGS
The overall proceeds will mainly fund the company’s 37% share of 3D seismic acquisition, completed in December 2025, at the Selva Malvezzi concession, in the Po Valley in Italy.
Prospex used £200,000 to settle a cash call over the Viura field in northern Spain, and will pay £300,000 towards a new transformer at the El Romeral power plant in Carmona southern Spain.
The transformer is anticipated to be delivered in six months, with a final payment due of £235,000.
Prospex meets its continuing operational costs and overheads from production income.
Independent non-executive directors Alasdair Buchanan and Andrew Hay, who in December subscribed for £25,000 and £20,000 respectively, have subscribed for a further £1,800 and £6,250, respectively.
In addition to its onshore gas interests in Spain and Italy, Prospex has applied for two licences onshore Poland with the outcome expected during April / May 2026.