Mark Routh of Prospex Energy: Outstanding progress made across both Selva and El Romeral
Episode 912, Sep 22, 2022, 12:30 PM
Mark Routh, CEO of Prospex Energy #PXEN discusses the outstanding progress they have made across both their investments, Selva and El Romeral where gas concessions have proved to be an outstanding success.
H1 2022 Financial and Corporate Highlights
· £5,120,408 net profit after taxation from continuing operations (H1 2021 profit: £129,356)
· An increase in the net book value of investments to £14,343,285 (31 December 2021: £6,697,305).
· £7,645,980 gain on revaluation of investments and loans (H1 2021 gain: £488,335). This increase in the value of investments brings the valuation of the additional 20% of the Podere Gallina licence acquired in the current period in-line with the valuation of the 17% already held at 31 December 2021.
· £501,967 administrative expenses (H1 2021: £417,126)
· Increased its stake in the Selva Gas Field in Po Valley to 37% following a successful fundraise of £2,455,000. The fundraising was supported by existing institutional and retail investors, as well as Directors of the Company.
· VSA Capital Ltd appointed as its Joint Corporate Broker and Joint Financial Adviser.
Post period end
· Successfully raised £2,370,000, in aggregate, through the issue of two separate unsecured Convertible Loan Notes to existing and new investors, with participation of all of the directors of the Company in the first issue. The debt/equity hybrid financing, plus the exercise of remaining warrants and some outstanding options, allows the Company to fund all expected development costs to first gas expected in Q2 2023.
To read the full RNS click here
H1 2022 Financial and Corporate Highlights
· £5,120,408 net profit after taxation from continuing operations (H1 2021 profit: £129,356)
· An increase in the net book value of investments to £14,343,285 (31 December 2021: £6,697,305).
· £7,645,980 gain on revaluation of investments and loans (H1 2021 gain: £488,335). This increase in the value of investments brings the valuation of the additional 20% of the Podere Gallina licence acquired in the current period in-line with the valuation of the 17% already held at 31 December 2021.
· £501,967 administrative expenses (H1 2021: £417,126)
· Increased its stake in the Selva Gas Field in Po Valley to 37% following a successful fundraise of £2,455,000. The fundraising was supported by existing institutional and retail investors, as well as Directors of the Company.
· VSA Capital Ltd appointed as its Joint Corporate Broker and Joint Financial Adviser.
Post period end
· Successfully raised £2,370,000, in aggregate, through the issue of two separate unsecured Convertible Loan Notes to existing and new investors, with participation of all of the directors of the Company in the first issue. The debt/equity hybrid financing, plus the exercise of remaining warrants and some outstanding options, allows the Company to fund all expected development costs to first gas expected in Q2 2023.
To read the full RNS click here