Prospex Energy (PXEN) Investor update summary

Portfolio overview and strategy

• Holds diversified energy assets across Spain, Italy, and Poland, including producing and exploration licenses, providing exposure to European gas and oil markets.

• Recently awarded 100% ownership of San and Dunajec exploration licences in southern Poland, including the Mniszów oil discovery.

• Focuses on value growth through de-risking, discovery, and development, aiming for a cash-compounding investment cycle and recycling cash flow into new assets.

• Prioritizes investments based on value added per share, with rigorous assessment at each stage.

• Seeks to leverage local energy resources for strategic premium amid global supply uncertainties.

Mniszów oil field overview and geological context

• Mniszów is a historic oil discovery with 13 million barrels oil in place and 3.7 million barrels recoverable reserves.

• Field mapped using data from over 30 wells, with high confidence in structural interpretation and well-defined field limits.

• Reservoir consists of fractured Upper Jurassic carbonates overlain by Cenomanian sands, similar to proven producing fields.

• Analogous fields (Grobla, Pławowice) have produced significant oil using vertical wells; modern technology is expected to enhance recovery at Mniszów.

• Geological and technical analysis confirms a viable petroleum system and reliable oil-water contacts.

Development plan and economics

• Three-phase development: 2D seismic acquisition (Q1 2027), pilot well (Q4 2027), four-well program (late 2028), and further infill wells from 2029.

• Plan includes horizontal drilling and modern completion techniques to maximize fracture intersection and production, with pilot well using a vertical plus lateral design.

• Projected production profile assumes up to 450,000 bbl EUR per well, with initial rates of 300 bbl/d.

• Conservative economic model assumes €60/bbl oil price, €4.5 million pilot well cost, and project NPV10 estimated at €54 million, or €16 per barrel.

• Rapid progress from licence award to executable plan within six months.