PROSPEX ENERGY PLC

Capital/Financing Update • Jul 13, 2023

National Storage Mechanism | Additional information

RNS Number : 9237F

Prospex Energy PLC

13 July 2023

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

13 July 2023

Prospex Energy PLC

('Prospex' or the 'Company')

Conversion of Loan Notes and TVR

Prospex Energy PLC, the AIM-quoted investment company focused on European gas and power projects, announces that it has received notices to convert an aggregate of £267,993.11 in four convertible loan notes in exchange for the issue of 6,305,721 new ordinary shares of 0.1p each in the Company ("Ordinary Shares").

The abovementioned convertible loan notes were issued in July 2022 and are convertible at 4.25p per share pursuant to a Convertible Loan Note Deed dated 18 July 2022.

Admission to Trading and Total Voting Rights

The Company has applied to the London Stock Exchange for the admission of 6,305,721 new Ordinary Shares to trading on AIM ('Admission') as a result of the above conversion.  Admission is expected to occur on or around 18 July 2023.  There are currently 285,020,669 Ordinary Shares in issue.  Following Admission there will be a total of 291,326,390 Ordinary Shares in issue.  This will be the number of Ordinary Shares that may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

Two of the loan note conversions are being made by the management of the Company, one by Mark Routh a director of the Company and CEO and one by a senior manager of the Company, Grant Glanfield the Group Head of Finance.  Both are therefore deemed to be 'Persons Discharging Managerial Responsibilities' or 'PDMRs'.

Declaration of Interests

The shares to be issued as part of this loan note conversion are set out below:

Mark Routh	1,211,389
Amberjack Resources Ltd*	1,455,641
Others	3,638,691
Total	6,305,721

* Grant Glanfield is a Director and owner of Amberjack Resources Ltd.

Shares currently held by directors and PDMRs: -

Director*/PDMR	Number of Shares
Grant Glanfield	8,847,500
William Smith*	6,447,517
Alasdair Buchanan*	3,428,571
Mark Routh*	1,428,571
Totals	20,152,159

Directors'/PDMRs total interest in shares after this conversion: -

Director*/PDMR	Number of Shares	% of share capital following Admission
Grant Glanfield	10,303,141	3.54%
William Smith*	6,447,517	2.21%
Alasdair Buchanan*	3,428,571	1.18%
Mark Routh*	2,639,960	0.91%
Total	22,819,189	7.83%

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
Jerry Keen	Fox-Davies Capital Limited	Tel: +44 (0) 20 3884 7447
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

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Routh

2.

Reason for the Notification

a)

Position/status

Director

b)

Initial notification/amendment

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of new ordinary shares pursuant to conversion of convertible loan notes

c)

Price(s) and volume(s)

Price(s)	Volume(s)
4.25 pence	1,211,389

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

12 July 2023

f)

Place of the transaction

AIM

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Grant Glanfield

2.

Reason for the Notification

a)

Position/status

Senior Management

b)

Initial notification/amendment

Initial notification

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Prospex Energy Plc

b)

LEI

213800NY9RH8O1B72D27

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Ordinary shares of 0.1p each in the share capital of the Prospex Energy plc

Identification code

GB00BMFZVZ53

b)

Nature of the Transaction

Issue of new ordinary shares pursuant to conversion of convertible loan notes

c)

Price(s) and volume(s)

Price(s)	Volume(s)
4.25 pence	1,455,641

d)

Aggregated information

Aggregated volume Price

N/A (Single Transaction)

e)

Date of the transaction

12 July 2023

f)

Place of the transaction

AIM

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