Prospex Energy (PXEN) H1 2026 earnings summary

Executive summary

• Achieved significant operational and strategic progress, strengthening producing asset base and expanding the European portfolio.

• Raised approximately £2 million via an oversubscribed convertible loan note issuance, exceeding the £1.6 million target.

• New CEO and Non-Executive Director appointed, with a strategic review resulting in clear value development pathways for each asset.

• No reportable health, safety, or environmental incidents during the period.

Financial highlights

• Reported profit of £131,941 for H1 2026, compared to a loss of £180,101 in H1 2025.

• Administrative expenses rose to £881,156 (H1 2025: £630,804), with £195,686 of non-recurring costs related to management changes and debt raise.

• Net asset value increased by £363,519 to £23,303,440 as of 30 June 2026.

• Cash and cash equivalents at period end were £524,643, up from £38,935 at year-end 2025.

• Convertible loan note issuance raised £1.37m during the period.

Outlook and guidance

• Focus for H2 2026 and 2027 is to maximize net cash flow from producing assets and advance development plans.

• Priorities include progressing the Selva four-well programme, advancing El Romeral, developing Mniszow, and evaluating San and Dunajec licences.

• Continued assessment of partnerships and non-dilutive funding to accelerate development while protecting shareholder value.