Prospex Energy plc said it had laid the foundations for organic growth at its operations from the Selva gas field in Italy and electricity generation in Spain.
FINANCES
Audited final results for the year ended 31 December 2022 showed an increase of the company’s total assets to £16,064,640 (2021: £6,697,305).
Prospex added that the 240% rise reflected the after-tax effect revaluation of Prospex’s working interest in the Podere Gallina licence in Italy, from 17% to 37% which completed in April 2022.
The combined value of the equity investments, current and non-current loans is a 221% increase to £21,561,316 (2021: £8,726,484).
Cash and cash equivalents at the end of year amounted to £1,482,762 (2021: £220,060).
PLANNED WELLS
Chief executive Mark Routh said that the company would be progressing to the next level, with increased gas production “imminent” from Selva.
“2023 is set to be a truly transformational year for the company.
“Looking ahead, I expect to be reporting on the organic growth of the company’s assets with several future planned wells proceeding through the permitting process.
“We are continually monitoring other prospects for any potential opportunities to expand the business but will remain technically rigorous in our selection of growth opportunities that we believe will only benefit the company.
“Prospex is in a strong operational position with an experienced team who remain committed to increase shareholder value.”