Senior Management Changes: Appointment of New CEO

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

6 January 2026

Prospex Energy PLC

('Prospex' or the 'Company')

Senior Management Changes: Appointment of New CEO

Prospex Energy PLC (AIM: PXEN), the AIM-quoted investment company focused on European gas and power projects, announces that Mark Routh has advised the Board of his retirement as CEO and a director of the Company. Tom Reynolds will be appointed as Chief Executive Officer and a director of the Company with effect from no later than 1 February 2026, in order to provide time to wind up his pre-existing commitments, and Mark's retirement will take effect from such date.

Mr. Reynolds is a well-qualified leader with extensive and successful experience in senior executive roles in listed companies in the energy sector, including CEO of Scirocco Energy, and CEO of Bridge Energy. He is currently a non-executive director of Zephyr Energy, a role in which he will continue. Tom has also had considerable executive experience in a wide range of privately held companies involved in energy, energy investment and finance. He holds a B. Eng. Chemical & Process Engineering with First Class Honours.

Mark will assist in developing Tom's knowledge of the Company's investments and partners to ensure a smooth and orderly transition starting immediately, and likely to be for a period of no more than three months.

The Board is very grateful to Mark for his considerable achievements in building an attractive and geographically diverse portfolio of gas assets in Europe for Prospex, and for his assistance in the transition.

Tom Reynolds will receive an appropriate remuneration package for the role and reflecting the experience and qualities he brings to the Company, with a meaningful proportion in equity, subject to signature of a definitive contract of employment. This includes a signing bonus of £50,000, which is expected to be settled through the issue of Convertible Loan Notes currently being offered by the Company (see further below). Of the £250,000 annual salary, c. £50,000 will be satisfied in equity in the Company, paid on a monthly basis based on a prevailing VWAP. In addition, he will be awarded nil-cost options over c. 3.5% of the Company's share capital which will be exercisable on a liquidity event for the Company accepted or approved by the shareholders.

Further information regarding the appointment of Tom Reynolds in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies (the "AIM Rules") is set out in the appendix of this announcement.

Convertible Loan Note Issuance - remains open for subscriptions

The Board confirms that the previously announced up to £1.6 million convertible loan note offering remains open for subscription. Interested investors who are qualified to invest should contact the Company's brokers VSA Capital or Hannam & Partners by email:

VSA Capital email: [email protected]

Hannam & Partners email: [email protected]

The Loan Note Investor Presentation and Term Sheet can be downloaded from the Company's website at https://prospex.energy/investors/corporate-documents. Further information can also be found in the Company's 19 December 2025 RNS.

William Smith, Non-Executive Chair of Prospex commented:

"We are very pleased to welcome Tom Reynolds to the Company. He has the experience to continue to grow the asset base and increase shareholder value. I am confident in his ability to deliver results. I would also like to thank Mark for his significant contribution in getting the Company to its current stage and wish him the best for the future."

Tom Reynolds, CEO designate said:

"I am delighted to join the highly capable Prospex team and board. Prospex has an attractive asset base within the European energy market where each asset has a path to significantly increase reserves and production, offering a clear route to value growth.  I look forward to engaging with Prospex partners and stakeholders over the coming months and building on the existing solid foundation, delivering a clear path to value for shareholders."

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.

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For further information visit www.prospex.energy or contact the following:

Appendix

Save for the information set out above and below, there are no further disclosures to be made in accordance with Rule 17 and Schedule Two paragraph (g) of the AIM Rules in respect of the appointments of the directors.

Mr Thomas (Tom) Hamilton Reynolds (aged 55) has held the following directorships and/or partnerships in the past five years:

Mr Reynolds currently has a nil shareholding in the Company.

Tom served as Chief Executive Officer and director of Iona Energy, Inc. ("Iona"), a Canadian-incorporated oil and gas company with assets in the UK and North Sea. Iona entered insolvency proceedings in December 2015. In January 2016, administrators were appointed to Iona's UK subsidiaries, namely Iona UK Huntington Limited and Iona Energy Company (UK) Limited. The latter, being the principal borrowing entity, entered into a creditors' voluntary arrangement in June 2016, which concluded in April 2017 with a net shortfall to creditors of approximately £38.281 million. In connection with the insolvency, the Alberta Securities Commission issued a cease trade order against Iona in December 2015 following its failure to file financial statements and other required documents on time.