Prospex Energy (PXEN) H2 2025 earnings summary

Executive summary

• 2025 was operationally challenging, with asset consolidation, production interruptions, and a strategic refocus late in the year.

• New CEO Tom Reynolds appointed in February 2026, with a strengthened board and renewed focus on shareholder value and capital access.

• Key achievements included full ownership of Tarba, seismic acquisition at Selva Malvezzi, and new Polish licences post year-end.

Financial highlights

• Loss for the year was £2,795,169, compared to a loss of £46,759 in 2024.

• Unrealised loss on revaluation of investments was £2,541,311 (2024: gain £713,583).

• Administrative expenses decreased 6.6% to £1,179,490.

• Net finance income rose to £906,826 (2024: £614,433).

• Shareholder equity decreased by £1,650,233 to £22,939,921.

• Cash and cash equivalents at year-end were £38,935 (2024: £1,185,386).

Outlook and guidance

• Strategic focus on growing production, reserves, and cashflow from existing assets, with selective portfolio expansion.

• Polish licences offer near-term development and farm-out potential.

• Key objective for 2026 is to demonstrate increased production and cashflow while minimising equity dilution.