Italy Selva Malvezzi - Q1 2026 Activity Report

About this update from Prospex Energy Plc

Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas   30 April 2026   Prospex Energy plc ("Prospex" or the "Company")   Italy: Selva Malvezzi Production Concession   Q1 2026 Activity Report Consistent production and strong cashflow from Podere Maiar-1   Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on European gas and power projects, is pleased to provide an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited ("PVE") (ASX: PVE) of its Q1‑2026 activity report.  Po Valley Operations Pty Limited ("PVO"), a wholly owned subsidiary of PVE is the operator of the Selva Malvezzi production concession, which has a 63% working interest, while Prospex has the remaining 37% working interest.   Gas production and revenues from PM-1 gas facility in the Selva Malvezzi Production Concession   PM-1 Production Data Mar 2026 Quarter Dec 2025 Quarter Q1-2026 Q4 2025 Average gross daily production rate (scm) 80,687 79,220 Quarterly net (37%) production ('000 scm) 2,686.9 2,579.4 Weighted average price (per scm) €0.43 €0.33 37% Revenue net to Prospex ('000) €1,155 € 852   Highlights ·    Stable production performance from the Podere Maiar-1 (PM-1) well throughout the quarter, in line with expectations, supporting continued strong operating cashflows. ·    Progress made on Environmental Impact Assessment (EIA) updates and development planning for the Casale Guida-1d, Ronchi-1d, Bagnarola-1d, and Selva Malvezzi-1d wells, incorporating feedback from the Ministry. ·    Completion of the 3D geophysical survey, with data currently undergoing processing by Schlumberger Italy for delivery of a final 3D seismic volume for in-house interpretation     Tom Reynolds, Prospex's CEO, commented: "The consistent production and strong cash flow from Podere Maiar-1 is very welcome and underpins activity across Prospex wider portfolio of assets on which we expect to provide a short quarterly update in due course.   "European gas prices have been elevated in the period, influenced by geopolitical tensions in the Middle East, underlining the need for secure, domestically sourced energy. With operations and exposure across key markets including Italy, Spain and Poland, the Company is well positioned to benefit from this supportive pricing environment while continuing to build value through its diversified European presence."   Podere Maiar-1 (PM-1) Production Production performance remained consistent during the quarter: ·      Gross gas production totalled 7.26 million scm, generating €3.1 million (gross) in revenue. ·      Net production attributable to Prospex at 37% was 2.69 million scm and €1.16m in revenue. ·    Average daily production was approximately 80,000 scm/day, with only minimal downtime for scheduled maintenance in January. Cumulative production since commencement has reached 72.9 million scm (gross), exceeding the certified P1 reserves outlined in the July 2022 CPR. The average realised gas price for the quarter was €0.43/scm. Prices strengthened toward the end of the period, reflecting tightening global energy markets and heightened geopolitical risk associated with the conflict in Iran. Royalty expenses of €116k were accrued during the quarter, with payments scheduled annually in arrears (next payment due Q2 2026). Broader Selva Development Programme ·    The Operator continues to progress development planning for four key wells within the concession: o  Casale Guida-1d (Selva North) o  Ronchi-1d (South Selva) o  Selva Malvezzi-1d (East Selva) o  Bagnarola-1d (Riccardina) ·      The EIA submitted in December 2024 is currently being updated to incorporate Ministry feedback and expanded project scope, including facilities, pipelines, and upgrades to the Podere Maiar field. Specialist studies requested by the EIA Commission are ongoing and are expected to be submitted in Q2 2026.     * * ENDS * *   The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.   For further information visit www.prospex.energy or contact the following:   Tom Reynolds Prospex Energy PLC Tel: +44 (0) 20 7236 1177 Ritchie Balmer Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409 3494 Andrew Monk (Corporate Broking) Andrew Raca (Corporate Finance) VSA Capital Limited Tel: +44 (0) 20 3005 5000 Neil Passmore Leif Powis Hannam & Partners Tel: +44 (0) 20 7907 8500 Ana Ribeiro / Charlotte Page St Brides Partners Limited  Tel: +44 (0) 20 7236 1177   Notes Prospex Energy PLC is an AIM-quoted investing company focused on high-impact onshore and shallow offshore European opportunities with short timelines to production.  The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then apply low-cost re-evaluation techniques to identify and de-risk prospects.  The Company will rapidly scale up gas production in the short term to generate internal revenue, which can then be deployed to develop the asset base and further increase production.   Glossary: Bcf                            Billion standard cubic feet Bcm                          Billion standard cubic metres Boe                           Barrels of Oil Equivalent (where 1 MMBoe = 5.8 Bcf) EIA                            Environmental Impact Assessment MMBoe                  Million Barrels of Oil Equivalent mcf                           Thousand standard cubic feet MMscf                    Million standard cubic feet MMscfd                  Million standard cubic feet per day MMscm                  Million standard cubic metres MMscm/d             Million standard cubic metres per day MWh                       Mega Watt hour scm                           Standard cubic metres scm/d                      Standard cubic metres per day TTF                            The 'Title Transfer Facility' - a virtual trading point for natural gas in the Netherlands.  

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