Prospex Energy plc
Prospex Energy Plc is an AIM-quoted investment company (an investment entity under IFRS 10, so its subsidiaries are not consolidated) holding a portfolio of producing natural gas interests in Spain (Viura gas field, 7.5%/7.24% effective interest via HEYCO Energy Iberia) and Italy (Selva Malvezzi production concession, 37% interest via PXOG Marshall), a connected gas-to-power plant in southern Spain (El Romeral, 100% via Tarba Energía), and exploration/development licences in Poland (San and Dunajec, awarded after the year end). The Company's thesis is that European natural gas is a strategically valuable, inflation-hedged energy security asset.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 27 May 2026 · 52 pages · Companies House
Prospex Energy Plc invests in natural gas fields in Spain and Italy, a gas-fired power plant in Spain and new licences in Poland. As an investment company it reports no sales of its own. Its loss after tax for 2025 widened to £2.8m, from £47k the year before.
Most of the loss was an unrealised £2,541,311 fall in the value of its investments, a paper loss rather than cash spent. Setbacks also hit the year: a Spanish gas well was shut from April to October 2025 for repairs, and the power plant stopped on 1 July 2025 after a transformer failed, restarting in February 2026.
Year-end cash was just £39k, down from £1.2m, with borrowings of £537k. Shareholders put in £1.2m, and £1,434,997 more came after the year end from loans that can convert into shares. No dividend was paid. Management aims to grow production while relying less on new shares. The auditor gave a clean opinion but highlighted that investment values rest on management's estimates, and the report lists failing to raise funds as a key risk.
Selva Malvezzi gas production and sales under the Hera Trading gas sales agreement
H1 2025 gross average daily production of 77,264 scm/d generating €2.295m revenue for Prospex's share; new 12-month Gas Sales Agreement with Hera Trading from 1 October 2025 for ~27.96 MMscm at IG Index (GME)-linked prices
page 8Stable, strong European gas prices and gas security policy supporting JV cashflow
Continuing strength in European gas markets supports robust cashflow at Selva Malvezzi; gas prices realised at Selva Malvezzi and Viura were reasonable for most of 2025
page 5The changes to strategic focus and leadership are solid steps toward enabling the Company to deliver on its commitment to create shareholder value; the Company has strong investments to grow upon and a team capable of delivering results.
page 511 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 238 confirmed, 8 differ.
No figure has been restated: every figure a later report printed again, it printed the same.