Prospex Energy (PXEN) Q3 2026 TU earnings summary

Executive summary

• Q3 combined revenue receipts from Selva Malvezzi and Tarba were £1.701m; cash under direct control closed at £1.515m, up 78% QoQ.

• Operations advanced across Italy and Spain, while development planning progressed for the Mniszow oil discovery in Poland.

• Management expects medium-term capital needs to be met through asset-level partnership capital, with discussions underway with interested counterparties.

Financial highlights

• Group cash receipts were £1.750m and outgoings £1.086m in Q3; closing cash was £1.515m versus £852k at Q2 end.

• Selva Q3 revenue was €4.566m gross and €1.689m net; net revenue rose from €1.255m in Q2 as the weighted realised price increased to €0.69/scm from €0.48/scm.

• Tarba contributed a positive net cash flow of £105k for the quarter; electricity revenue benefited from stable generation and strong prices.

• Q3 share of gross operating revenue was £1.701m; YTD operating revenue was £3.817m.

Outlook and guidance

• PM-1 was expected to remain near 60,000 scm/day in October; if water and pressure remain stable, flow could increase to 62,000–65,000 scm/day, subject to monitoring and technical data.

• Seismic interpretation will inform Selva drilling locations for the planned 2027 campaign; the four-well programme is in a 60-day public observation period after EIA admissibility confirmation.

• Romeral generation at current levels is expected to continue until Q3 2027, with potential to extend further.

• Medium-term capital needs are expected to be addressed with asset-level partnership capital; near-term cash was described as sufficient to progress assets.