Prospex
Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
27 March 2024
Prospex Energy
PLC
('Prospex' or the 'Company')
Final Settlement of
Convertible Loan Note Debts
Prospex Energy PLC, the AIM quoted
investment company focused on European gas and power projects,
announces that it has settled the third and final capital repayment
plus accrued interest from the Convertible Loan Notes issued in
September 2022 from accumulated cash within the Company.
Convertible loans which were
convertible at 5.5p per share of original aggregate value of
£500,000 were issued to three individuals pursuant to a Convertible
Loan Note Deed dated 2 September 2022. In settlement of the
third and final quarterly debt repayments, a total of £175,239.83
has been paid to the three Convertible Loan Note holders being the
capital repayment of £168,487.09 plus accrued interest to 31 March
2024 of £6,752.74.
Mark Routh,
Prospex's CEO, commented:
"I am thrilled to announce to our
shareholders that we have successfully made our final debt payment,
marking a significant milestone as the Company is now completely
debt-free. With regular monthly income from our two producing
assets - gas in Italy and electricity sold from our gas production
into our power plant in southern Spain, the Company has established
a sound footing for the growth and development of its
activities.
"The Company and its highly
experienced new business team are actively reviewing a number of
potentially interesting investment opportunities with a focus on
diversified European energy projects prioritising natural gas and
power and renewable energy projects. We will continue to seek
others, employing rigorous project analysis.
"Surplus funds generated from our
assets are being accumulated in the Company's investment and joint
venture vehicles to provide funding for future projects, in
particular the three wells planned in Italy and the five wells
going through the permitting process in Spain."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of
MAR.
* * ENDS *
*
For further information visit
www.prospex.energy or
contact the following:
|
Mark Routh
|
Prospex Energy PLC
|
Tel: +44 (0) 20 7236 1177
|
|
Ritchie Balmer
Rory Murphy
|
Strand Hanson Limited
|
Tel: +44
(0) 20 7409 3494
|
|
Lional Therond / Daniel
Fox-Davies
|
Fox-Davies Capital
Limited
|
Tel: +44
(0) 20 3884 8450
|
|
Andrew Monk (Corporate Broking)
Andrew Raca/Alex Cabral (Corporate Finance)
|
VSA Capital Limited
|
Tel: +44
(0) 20 3005 5000
|
|
Ana Ribeiro /
Susie Geliher
|
St Brides Partners
Limited
|
Tel: +44
(0) 20 7236 1177
|