Prospex Energy (PXEN) said its operations across Italy, Spain and Poland continue to progress in line with expectations, supported by favourable European energy pricing.
At Selva Malvezzi in Italy, the Ministry of Environment and Energy Security (MASE) has declared the environmental impact assessment (EIA) for the planned four-well drilling programme admissible, with a 60-day public observation period now underway.
Gas prices at the field reached a record €0.67/scm in August, generating the highest monthly gas sales revenue to date. Prospex has also signed a new 12-month gas sales agreement with Hera Trading, starting 1 October 2026.
Schlumberger Italy has delivered preliminary data from the recently completed 3D seismic survey, with detailed interpretation now underway to confirm drilling locations for the planned 2027 campaign. The results will also support a report assessing gas resources across the licence.
At El Romeral in Spain, August electricity generation revenue rose to €179.4k, with Tarba now cash self-sufficient. Prospex expects to install its new transformer in September, reducing operating costs.
In Poland, the company is assessing historical data across the San and Dunajec licences, with particular focus on completion techniques for the Mniszów oil discovery. A site visit is planned for mid-September.
At Viura, the Viura-1B well produced continuously for 92 days during Q2, with 100% plant availability. Operator HEYCO Energia Iberia generated €4.15m of cash revenue against €3.59m of cash operating expenditure. Planning is underway for a 2027 development programme.
Prospex's CEO Tom Reynolds said: "I am pleased with the progress we continue to make across our portfolio with record gross monthly revenue of €795.8k. I am particularly encouraged by Tarba's move towards cash self-sufficiency, which frees up resources for investment elsewhere in the portfolio. Record breaking cash generation from Selva also gives us further financial flexibility to advance our growth plans.
"This is a strong foundation from which to engage with potential partners and secure capital to support our 2027 programme. Identifying partners capable of providing non-dilutive funding is a key focus for the Company for the balance of 2026, allowing us to accelerate our development plans while protecting shareholder value.”
View from Vox
Prospex is showing broad-based operational progress, with record monthly revenue and improving cash generation strengthening the platform for its 2027 growth plans. The advance at Selva Malvezzi is particularly encouraging, while Tarba’s move towards self-sufficiency and continued Viura performance add further financial support.