Prospex Energy PLC Board Change, New CEO Appointment, AGM Update (3669G)
July 26 2021 - 1:00AM
UK Regulatory
TIDMPXEN
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be withdrawn from the AGM and will not be put to the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."
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20 3948
1619
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Corporate Finance Tel: +44 (0) 20 7469
0932
Frank Buhagiar St Brides Partners Ltd Tel: +44 (0) 20 7236
Cosima Akerman 1177
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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