Prospex Energy plc, the AIM quoted investment company, is pleased to announce its audited Final Results for the year ended 31 December 2021.
· El Romeral
o Acquisition of the El Romeral gas producing licenses and gas power plant. Prospex holds a 49.9% working interest in El Romeral through its interest in Tarba Energía S.L. ("Tarba")
o Tarba Transitioned from exploration company to a significant gas producing, electricity generating and income generating company
o El Romeral plant is running 24 hours a day 7 days a week following optimisation and automation carried out by Tarba at the end of 2021
· The Selva field
o The Selva field received full environmental approval from Italy's Ecological Transition Ministry for production development with the final Environmental Impact Assessment ('EIA') decree
o Full production licence for Selva expected in the second quarter of 2022
o Increased its stake in the Selva field in Italy to 37%
Corporate and Financial Highlights (as at 31 December)
· Total Assets of £8,984,437 (2020: £5,748,211) - increase of 56%
· Successfully raised £750,000 gross via an oversubscribed placing
· Cash and cash equivalents of £220,060 (2020: £220,618)
o Subsequent to year end, Company completed a placing of £2.455m
· Fair value of the Company's investments stood at £6,697,305 (2020: £3,620,890)
· Strengthened management team with the appointment of Mark Routh as CEO and Alasdair Buchanan as Non-Executive Director
The Company also gives notice that its Annual General Meeting ('AGM') will be held at the offices of Shakespeare Martineau LLP, 6th Floor 60 Gracechurch Street, London, United Kingdom, EC3V 0HR at 11.00 a.m. on 15 June 2022. The Financial Results for the year ended 31 December 2021 ('Accounts') together with the Notice of AGM will be available to download today from the Company's website and will also be posted to shareholders on or around 20 May 2022.
Commenting on the results, Mark Routh, Prospex's CEO, said:
"It has been a transformational year for Prospex as we transitioned from being an investing company with interests in exploration assets to a company including interests in a gas producing and electricity generating asset. We have invested in the optimisation and automation of El Romeral enabling it to run 24 hours a day 7 days a week and allowing us to benefit from the unprecedented rise in electricity prices. In addition, our successful fundraising earlier in this year, enabled us to increase our stake in Selva to 37%, where a full production licence is anticipated during 2022.
"Looking ahead, with Selva expected to commence production in Q2-2023 and with the application process now commenced for a multi-well drilling programme at El Romeral, potentially in 2023, the year ahead promises to see major progress. Prospex is in a strong operational position with an experience team who remain committed to increase shareholder value."