Prospex Energy (PXEN) Trading update summary

Selva Malvezzi operations

• EIA for four-well drilling programme declared admissible by MASE; 60-day public observation period underway.

• Achieved record gas sales revenue in August at €0.67/scm, with a new 12-month gas sales agreement signed with Hera Trading starting October 2026.

• Preliminary 3D seismic data delivered by Schlumberger; detailed interpretation to confirm 2027 drilling locations.

• Updated Competent Person's Report to be commissioned after seismic interpretation for independent resource verification.

El Romeral performance

• Electricity generation revenue reached €179.4k in August, supported by high prices and consistent production.

• Tarba Energía became cash self-sufficient, with strong pricing expected to continue through Q3.

• Replacement of rental transformer with a new one expected in September, reducing operating costs.

• Final transformer payment in Q4 2026 to be funded from existing cash resources.

Poland and Mniszów oil discovery

• Continued collation of historical data on San and Dunajec licences, focusing on well and completion design for Mniszów.

• Advanced completion techniques under evaluation to maximise Mniszów's potential and attract development partners.

• Site visit to San and Dunajec planned for mid-September; IMC presentation scheduled for 21 September 2026.