Prospex Energy (PXEN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by CEO, with formal business followed by a Q&A session for shareholders.

Overview of voting outcomes

• Annual reports and audited accounts for 2024 received and adopted.

• Reappointment of Alasdair Buchanan and Mark Routh as directors approved.

• Adler Shine LLP reappointed as auditors; board authorized to set their remuneration.

• Directors authorized to allot new shares, including free of preemption rights, with all resolutions carried.

Q&A with stakeholders

• Consolidated accounts not provided due to cost outweighing benefits; company monitors cash closely.

• Board members participated in recent fundraise; insider status limits open market purchases.

• Company contributed to Viura field repair to avoid asset dilution; production recommencement imminent.

• Communications must comply with regulations; all shareholders receive information simultaneously.

• Growth strategy focused on onshore natural gas assets in Europe, with recent increases in asset ownership and production.

• Bonus awarded after Viura deal closed, which doubled production income; workover requirement emerged later.

• Dilution through fundraising preferred over asset dilution; production income expected to fund future expansion.

• Drilling in El Romeral expected Q1 2026, subject to permits; farm-outs considered for funding.

• Debt facility for Viura development wells being pursued; equity funding may not be needed if production income is robust.

• Board open to adding a qualified non-executive director; would consider a full company sale if a suitable offer arises.

• Share buybacks or dividends considered once revenue stabilizes, but cash retention prioritized.

• El Romeral asset costs cut to maintain positive cash flow; contingency plans in place if permits are delayed.