Prospex Energy reports narrower full-year loss
By Josh White
Date: Tuesday 27 May 2025
(Sharecast News) - Prospex Energy reported a sharply reduced full-year loss of £46,759 for 2024 on Tuesday, down from £1.23m the prior year, reflecting stronger operational performance and investment returns.
Net asset value rose 19.5% to £24.6m, supported by fair value gains in its portfolio and the settlement of all remaining interest-bearing debt in March.
The AIM-traded company said it ended the year with cash reserves of £1.2m and no requirement for new debt financing.
During the year, Prospex acquired a 7.5% interest in Heyco Energy Iberia, adding a third producing asset - Spain's Viura gas field - which delivered strong initial production from the newly drilled Viura-1B well.
Output began in December, with gross flow rates peaking at 17.7 million standard cubic feet per day and net production of 154 million standard cubic feet daily to Prospex by the end of the first quarter of 2025.
A temporary production halt due to tubing damage was expected to be resolved by mid-June, with phase two drilling scheduled for 2026.
Elsewhere, the company said it secured a 10-year extension for its El Romeral licences in southern Spain and made progress on drilling permits for five new wells.
In northern Italy, the Selva gas field delivered €3.8m net revenue in 2024 on rising production volumes and renewed its sales agreement with BP Gas Marketing.
Regulatory changes and a new 3D seismic approval had also advanced development prospects at Selva.
Post year-end, Prospex said it had completed the full acquisition of Tarba Energía, gaining 100% indirect ownership of the El Romeral, Tesorillo and Ruedalabola assets.
It also invested a further £0.9m into the Viura asset, appointed Hannam & Partners as joint broker, and strengthened its executive team with the addition of a new chief operating officer.
The company's annual general meeting was scheduled for 25 June.
"2024 was a year in which we made significant progress towards the development of our stated strategy - to become a mid-tier independent European energy producing group," said chief executive officer Mark Routh.
"We are pleased to report a significant increase in net asset value by more than £4m, underpinned by our growing portfolio of high-quality energy investments.
"Ending the year debt-free, with more than £1.1m in cash and financially self-sustaining on a business-as-usual basis, marks a key milestone for the business, enabling us to reinvest organically and strengthen our foundation for future growth from a far stronger balance sheet."
Routh said the subsequent successful acquisition of Tarba Energía, and the increase of investment in the Viura asset, both completed with existing cash reserves, highlighted the company's disciplined approach to portfolio development, supported by the continued confidence of investors.
"Looking ahead, we remain focused on both organic growth from our existing assets and the pursuit of new opportunities that meet our rigorous investment standards and look forward to a successful 2025."
At 0900 BST, shares in Prospex Energy were up 2.77% at 5.2p.
Reporting by Josh White for Sharecast.com.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN