Prospex Energy (PXEN) has reported its final results for the year ended 31 December 2025, highlighting continued production from its European gas portfolio, the acquisition of full ownership of Tarba Energía in Spain, and expansion into Poland through two new exploration licences.
The company said it strengthened its position during the year through a circa £1.2 million placing and subscription, while also investing about £3.8 million into its assets during the first three quarters of 2025. About 70% of that investment was funded from internal resources. Prospex also appointed Richard Jameson as chief operating officer during the year.
Post period, Prospex completed a £2 million Convertible Loan Note raise, exceeding its original £1.6 million target by 25%. The funds are expected to support the company's 2026 capital commitments and maintain its ownership positions across its investments. In addition, the company appointed Tom Reynolds as chief executive officer and Simon Ashby-Rudd as non-executive director as part of a broader strategic review focused on shareholder value creation.
Financially, the company reported a loss for the year of £2.8 million compared to a loss of £46,759 in 2024. The loss was primarily driven by an unrealised revaluation loss linked to reserve depletion at the Selva field and lower gas prices at year end. Net asset value fell to £22.9 million from £24.6 million, while cash balances at year end stood at £38,935. However, following the extended CLN raise and stronger than expected gas sales, the company said it ended the first quarter of 2026 with an unaudited cash balance of £907,000.
At the Selva field in northern Italy, Prospex continued stable production from the Podere Maiar-1 well throughout 2025. Net revenue attributable to the company from gas sales reached €4.1 million, while the operator completed a 140 square kilometre 3D seismic acquisition programme on time and within budget. Furthermore, technical and permitting work continued on a planned four-well development programme.
In Spain, Prospex completed the acquisition of the remaining shares in Tarba Energía, securing full ownership of the El Romeral gas-to-power project and the Tesorillo and Ruedalabola permits. Although transformer issues temporarily halted production during the second half of 2025, production has since restarted using a replacement rental transformer. The company also continued permitting work for five new development wells and discussions around future gas grid connections.
Meanwhile, at the Viura field in northern Spain, the operator restarted production from the Viura-1B well in October 2025 following workover operations and repairs linked to a tubing leak. Production testing and reservoir modelling work has continued into 2026 as the partners evaluate future drilling plans and potential reserve-backed financing options.
Prospex also expanded into a third European country during the period with the award of the San and Dunajec exploration licences in Poland. The company said the move adds longer-term exploration upside and exposure to an established oil and gas region.
Prospex Energy’s CEO Tom Reynolds said: “Since my appointment in February, I have undertaken a comprehensive review of the Company's asset base and believe Prospex is well positioned with an enviable portfolio that combines existing cash flow, development upside and longer-term exploration potential.”
He added: “Meanwhile, European energy security and domestic supply remain high on the political agenda, and natural gas prices continue to reflect broader geopolitical pressures. We believe Prospex offers investors rare exposure to these macro tailwinds as well as attractive opportunities to add value at the asset level across its portfolio.”
View from Vox
Prospex enters 2026 with producing assets, development projects and fresh exploration exposure spread across multiple European jurisdictions. While lower gas prices weighed on asset valuations during 2025, the company continues to generate cash flow from Selva and has now restored production at El Romeral and Viura. Furthermore, the oversubscribed CLN raise provides near-term funding visibility as management looks to advance drilling, permitting and development activities across its portfolio.