Prospex Energy (PXEN) Q2 2026 TU earnings summary

Executive summary

• Q2 2026 saw strong gas sales revenue from Selva Malvezzi, driven by higher European gas prices since March.

• Electricity generation revenue at Romeral increased due to extended production tests and higher prices, reducing funding needs.

• Strategic collaboration with IMMAGE Land-2-Sea drilling project and new Polish licences were secured, expanding the asset base.

• Board changes included the appointment of a new non-executive director and the departure of another.

• Full potential modelling for each asset was completed to support partner and investor engagement.

Financial highlights

• Group closed Q2 with £852,000 in cash, down from £907,000 at the end of Q1 2026.

• Q2 gross operating revenue was £1,203,000, with total group cash receipts of £1,286,000.

• Total group cash outgoings for Q2 were £1,341,000, including OPEX, development costs, and royalties.

• Selva Malvezzi Q2 average gross daily production was 77,127 scm, with a weighted average price of €0.48/scm.

• Revenue net to Prospex from Selva Malvezzi was €1,255,000 for Q2 2026.

Outlook and guidance

• Tarba's reduced funding requirement is expected to continue into Q3 as electricity generation increases.

• Asset-focused online presentations will begin in September to provide detailed reviews for investors.

• Ongoing review of new investments with self-funding and near-term cash-generative potential.