Prospex Energy (PXEN) H2 2024 earnings summary

Executive summary

• Focused on European natural gas and electricity, with producing assets in Spain and Italy and new exploration in Poland.

• 2024 saw significant asset acquisitions, notably a 7.2365% interest in the Viura gas field, and a strengthened financial position.

• All convertible loan note debts were fully repaid in March 2024, leaving the company debt-free at year-end.

• Post year-end, Prospex acquired 100% of Tarba Energía, consolidating ownership of El Romeral and related Spanish assets.

Financial highlights

• Net loss for 2024 was £46,759, a significant improvement from a £1,231,400 loss in 2023.

• Unrealised gain on revaluation of investments was £713,583 (2023: £469,709 loss).

• Administrative expenses rose 13.6% to £1,263,452.

• Net finance income increased to £614,433 (2023: £278,926).

• Shareholder equity rose by £4,013,106 to £24,590,154.

• Total assets increased to £25,757,867 (2023: £21,799,310).

• Cash and cash equivalents at year-end were £1,185,386 (2023: £3,186).

• Total liabilities decreased to £1,167,713 (2023: £1,222,262).

Outlook and guidance

• Board expects continued growth through organic development and acquisition of new assets.

• Further investments in Viura and El Romeral, with drilling campaigns and permitting processes ongoing into 2025-2026.

• Company remains debt-free and self-sustaining, with additional funding to be raised as needed for expansion.