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Prospex Oil and Gas ( (GB:PXEN) ) has provided an announcement.
Prospex Energy has raised £565,000 through the issue of unsecured convertible loan notes and is opening the offering to existing shareholders and qualified investors to increase the total subscription to up to £1.6 million. The notes, which pay 12% annual interest and are convertible at 3p per share with staged capital repayments by mid-2028, will primarily finance the company’s 37% share of 3D seismic costs at the Selva Malvezzi gas concession in Italy, a new transformer for the El Romeral power plant in southern Spain, and the previously deferred £200,000 cash call on the Viura asset in northern Spain. With directors and a major partner, HEYCO Energy Group, participating in the issue, the funding is intended to support Prospex’s growth-focused capital expenditure while production income continues to cover operating expenses, underscoring management’s confidence in the long‑term value potential of its European gas and power portfolio.
More about Prospex Oil and Gas
Prospex Energy is an AIM-quoted investment company in the oil and gas sector, focused on European gas and power projects. Its portfolio includes interests in the Selva Malvezzi gas concession in Italy and the Viura and El Romeral assets in Spain, with production income from these strategic assets funding its ongoing operational costs and overheads.
Average Trading Volume: 828,520
Technical Sentiment Signal: Sell
Current Market Cap: £12.43M
For detailed information about PXEN stock, go to TipRanks’ Stock Analysis page.