San Licence Award, Poland

About this update from Prospex Energy Plc

Prospex Energy plc / Index: AIM / Epic: PXEN / Sector: Oil and Gas   1 April 2026   Prospex Energy plc ("Prospex" or the "Company")   San Licence Award, Poland   Prospex Energy plc (AIM: PXEN), the AIM quoted investing company focused on European gas and power projects, is pleased to announce that further to the announcement dated 24 March 2026, its wholly owned subsidiary PXEN Tatra Sp z.o.o. ("PXEN Tatra") has been formally awarded the San onshore licence area in Poland.  The administrative process for the award of the Dunajec licence is ongoing, and Prospex will provide further updates in due course.    This first licence award is the next step in Prospex's strategic expansion into a third European country. The San and Dunajec licences are located onshore in southern Poland in areas with proven gas production and associated infrastructure. With high prospectivity in the target geological horizons and limited activity since 2000, Prospex intends to use modern imaging, evaluation and development techniques to support resource discovery and development. The Company is currently gathering historic information on both licences to assist work programme planning.   Tom Reynolds, Prospex's CEO, commented: "We are delighted to have officially been granted the San licence, formalising our expansion into Poland and adding a third European jurisdiction to our investment portfolio. San and Dunjac are located in one of the most prolific gas regions in Poland and we are confident that our team's knowledge and experience coupled with the benefit of modern exploration and development techniques will enable us to unlock strategic energy resources at a time of rising market demand in Europe. I look forward to providing further updates on work programmes and our plans to unlock the commercial potential of the licences."   Further Information PXEN Tatra holds a 100% working interest in the San licence and subject to the licence being formally granted, will hold a 100% working interest the Dunajec licence. Both licences are located in southern Poland within the Carpathian foredeep geological play, one of the most prolific gas plays in the country where many gas fields have been discovered.   As an investment company, Prospex intends to introduce joint venture partners.     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.   * * ENDS * *     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 focussed 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 applying 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 revenues that can then be deployed to develop the asset base and increase production further.

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