Board Change, New CEO Appointment, AGM Update

RNS Number : 3669G

Prospex Energy PLC

26 July 2021

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

26 July 2021

Prospex Energy PLC ('Prospex' or the 'Company')

Board Change, New CEO Appointment, AGM Update

Prospex Energy PLC, the AIM quoted investment company focused on European gas and power projects, is pleased to announce the appointment of Mark Routh as CEO and the conditional appointment as a Director of the Company.

Edward Dawson, the current Managing Director, will stand down with immediate effect from the Prospex Board of directors, but will remain as an employee of the Company to support an orderly transfer of responsibilities to the incoming CEO and the development of the Company's assets.

Mark's appointment as a director is conditional on the satisfactory completion of the Company's nominated adviser's due diligence processes, which are now underway. A further announcement is expected to be made in this regard in the coming days.

As a result of Edward Dawson's immediate resignation from the Board of Directors, Resolution 5 as set out in the Notice of AGM (to be held on 27 July 2021) and which relates to the re-appointment of Edward Dawson as a director of the Company, will be withdrawn from the AGM and will not be put to the shareholders.

Mark is a Petroleum Engineer with more than 40 years' experience in the oil & gas industry, covering executive management, commercial/asset management, area management and technical roles.  Mark spent eight years as CEO/Chairman of AIM listed Independent Oil & Gas plc.  He has more than 15 years' experience as a Board director in executive and non-executive roles in both private and listed companies.  Prior to founding CH4 Energy in 2002, he served 10 years with Hess, six years with BP and five years with Schlumberger in South East Asia and the North Sea.  Mark has an MSc in Petroleum Engineering from Imperial College.

Mark is currently Non-Executive Director of Warrego Energy Ltd.  Warrego merged with ASX listed Petrel Energy Limited by way of a reverse takeover in March 2019.

Bill Smith, Chairman of Prospex commented:

"We are extremely pleased to welcome Mark as CEO.  He will bring a wealth of operational and technical expertise to our Board.  Moreover, he is well versed in all aspects of directorship of listed energy companies, being currently a non-executive director of Warrego Energy Limited in Australia (ASX:WGO) and having been both CEO and Chairman of Independent Oil & Gas plc (AIM:IOG) and the MD and founder of CH4 Energy Limited.

We look forward to working closely with Mark as the Company grows its portfolio of European gas and power projects.  In addition to increasing cash flow in Spain and bringing the Selva property on stream, the Company has a number of attractive opportunities and, with the addition of Mark, is well positioned to build new assets in the onshore European gas and power areas while continuing to enhance its ESG programmes. 

I thank Edward for his contribution to the growth and development of Prospex, particularly the very exciting Selva, El Romeral and Tesorillo projects.  With permitting nearing completion at Selva to allow production and the growth opportunities at El Romeral, Edward has helped lay strong foundations for the future of the Company."

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For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Rory Murphy Ritchie Balmer	Strand Hanson Limited	Tel: [phone]
Colin Rowbury Jon Belliss	Novum Securities Limited	Tel: [phone]
Duncan Vasey	Peterhouse Corporate Finance	Tel: [phone]
Frank Buhagiar Cosima Akerman	St Brides Partners Ltd	Tel: [phone]

Notes

About Prospex Energy

Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European gas and power opportunities. The Company acquires undervalued projects and then applies low-cost re-evaluation techniques to identify and de-risk prospects.  Prospex currently holds a portfolio of three projects: the Podere Gallina Permit in Italy where first gas at the Selva field is targeted for early 2022; the El Romeral gas and power project in Spain, which includes three producing wells that supply gas to a 100% project-owned 8.1MW power plant; and the large scale Tesorillo gas project in southern Spain, which has the potential to hold gross un-risked Prospective Resources of 830 Bcf of gas (Best Estimate), with upside in excess of 2 Tcf. The Company's strategy is to rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.

 

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