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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 29 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueSelva 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 8AndEl Romeral gas-to-power generation and sale of electricity
H1 2025 El Romeral plant generated 3,752 MWh of electricity and €365,152 in sales revenue before a transformer outage halted generation from 1 July 2025
page 7What moved the margintailwindStable, 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 5AndheadwindEl Romeral transformer failure and Spanish electricity pricing
El Romeral electricity generation was offline from 1 July 2025 to February 2026 due to a transformer availability issue, and generation is limited by volatile, sometimes negative, Spanish electricity pricing
page 7One-offs in the year£2.5m charge: Unrealised loss on revaluation of investments (fair value through P&L)
page 29What management saidThe 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 5After the year endTom Reynolds appointed CEO and Director effective 1 February 2026; Mark Routh retired as a Director on 1 February 2026; Simon Ashby-Rudd appointed Non-Executive Director on 7 May 2026; Andrew Hay not standing for re-election at the AGM
page 3Going concern and the auditUnmodified ('true and fair') audit opinion from Adler Shine LLP, with an Emphasis of Matter drawing attention to Note 11's valuation of investments in PXOG Marshall Limited, which depends on management's DCF judgements (reserves, extraction rate/period, discount factors and gas price). Going concern was assessed as appropriate: cash of £38,935 at 31 December 2025, subsequent receipt of £1.435m Convertible Loan Note subscriptions, and Directors' cashflow forecasts extending beyond 12 months from report approval.
page 23The risks it names first- Market support may be eroded, obstructing fundraising and lowering the share pricep.18
- General market conditions may fluctuate, hindering delivery of the Company's business planp.18
- Governmental regulations and the timing of responses to permit applications may delay corporate activityp.18
- The Company may not be able to raise funds to exploit its assets or continue as a going concernp.18
Read from C001041-AR-2025-ch.
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