TIDMPXEN
RNS Number : 2271A
Prospex Energy PLC
22 September 2022
Prospex Energy Plc / Index: AIM / Epic: PXEN / Sector:
Energy
22 September 2022
Prospex Energy Plc ('Prospex' or the 'Company')
Half Year Report
Increase in Net Profit After Tax and gain on investments and
loans
Prospex Energy Plc, the AIM quoted investment company, is
pleased to announce its unaudited Interim Results for the six
months ended 30 June 2022.
H1 2022 Financial and Corporate Highlights
-- GBP5,120,408 net profit after taxation from continuing
operations (H1 2021 profit: GBP129,356)
-- An increase in the net book value of investments to
GBP14,343,285 (31 December 2021: GBP6,697,305).
-- GBP7,645,980 gain on revaluation of investments and loans (H1
2021 gain: GBP488,335). This increase in the value of investments
brings the valuation of the additional 20% of the Podere Gallina
licence acquired in the current period in-line with the valuation
of the 17% already held at 31 December 2021.
-- GBP501,967 administrative expenses (H1 2021: GBP417,126)
-- Increased its stake in the Selva Gas Field in Po Valley to
37% following a successful fundraise of GBP2,455,000. The
fundraising was supported by existing institutional and retail
investors, as well as Directors of the Company.
-- VSA Capital Ltd appointed as its Joint Corporate Broker and Joint Financial Adviser.
Post period end:
-- Successfully raised GBP2,370,000, in aggregate, through the
issue of two separate unsecured Convertible Loan Notes to existing
and new investors, with participation of all of the directors of
the Company in the first issue. The debt/equity hybrid financing,
plus the exercise of remaining warrants and some outstanding
options, allows the Company to fund all expected development costs
to first gas expected in Q2 2023.
Commenting on the half-year results Mark Routh, CEO of Prospex,
said:
"Prospex has had a very busy year with outstanding progress made
across both our investments, Selva and El Romeral. The Company's
acquisition of the El Romeral gas concessions has proved to be an
outstanding success. Operational improvements, including the full
automation of the plant, have allowed us to run the plant 24 hours
a day 7 days a week, increasing output and revenues at a time when
electricity prices were averaging more than four times the prices
achieved for the same period last year.
"At Selva, we are one step closer to production following the
approval of the Production Concession by the Italian authorities
and the appointment of building contractors. Recent funding during
and post-period, allowed us to increase our stake in Selva to 37%
and also, along with the operator Po Valley, have sufficient funds
to achieve first gas in the second quarter of 2023.
"Looking ahead, the Company is in a strong financial position to
deliver on its strategy as well as identify and invest in new
opportunities. I would like to thank our investors, directors, and
staff for their continued support, and congratulate our project
partners and operators for their achievements during the last six
months."
Operational Highlights:
The Company made significant progress in the first six months of
the financial year:
Selva Field in Italy (37% interest)
-- I nstallation of the seismic monitoring network by Po Valley,
the operator, starts ahead of schedule.
-- Received approval from the Ministry of Ecological Transition
("MITE") for the acquisition of 100% of UOG Italia increasing the
Company's share of Selva's independently verified 2P gas reserves
from 2.3 Bcf to 5.0 Bcf([1]) .
-- Po Valley received the penultimate approval for production at
the Podere Gallina licence from the Emilia Romagna Regional
Council. This local government approval was a prerequisite for
Italy's MITE to grant the Final Production Concession at Selva
Malvezzi.
Post period end:
-- Production concession granted from MITE
-- Po Valley appoints TESI Srl ('TESI') an Italian engineering
firm to install the gas plant and pipeline to connect the suspended
Podere Maiar-1 well at Selva to Italy's gas grid. The contract
secures development costs and timing with construction costs
EUR130,000 (GBP110,000) less than previously forecast. Construction
is scheduled for completion in the first quarter of 2023.
-- First gas expected in Q2 of 2023.
El Romeral in Spain (49.9% interest)
-- Operational improvements led to 24 hours a day 7 days a week
production, boosting income at a time when electricity prices in
Spain rose to an all-time high
-- Tarba repays loans to its two shareholders of EUR289,577,
plus accrued interest of EUR19,092.97, equalling a total of
EUR308,669.97. Prospex's share of this was EUR153,698.64.
-- Start of Project Apollo, the first of two solar projects at
the El Romeral power plant, aimed at increasing and diversifying
generation. Payback from Project Apollo is estimated to be
approximately four years.
-- In June 2022, the Spanish government announced that it would
invoke a gas price cap for companies selling gas for electricity
generation of EUR48.8/MWhr. As a result, Spanish daily electricity
prices were expected to average EUR150/MWhr for the next 12 months.
Average prices have remained or exceeded this level to date.
Post period end:
-- Completion of Project Apollo which powers part of the
ancillary services at the El Romeral plant, thereby leading to
reduced self-consumption and increased sales of electricity.
Project Apollo gives valuable experience to Tarba in managing solar
plants, which will be useful learning for Project Helios.
Selva
The most significant event was the granting of the decree by
MITE, the Italian regulatory authorities on 29 July 2022 to approve
the Production Concession at Selva Malvezzi in the Po Valley
onshore northern Italy, where our operator Po Valley is actively
progressing the field development work to allow production from the
Podere Maiar-1 suspended well on the concession. This entails the
installation of a small gas processing facility at the well site
location, the installation of a 1,000m 4-inch pipeline to export
the gas to the nearby high pressure gas grid network operated by
SNAM and the connection to that gas grid network which must be
procured and executed by the SNAM engineers. Prospex subsidiaries
paid Po Valley their 37% share of the EUR757,000 SNAM Bond
(EUR280,090 net to Prospex) necessary to procure the connection to
the national gas grid.
All this work is now underway following the appointment of TESI
on 8 August 2022. The TESI contract secures development costs and
timing with construction costs EUR130,000 (GBP110,000) less than
previously forecast. Significantly for both Prospex and the
operator Po Valley, both parties have sufficient funds to complete
this work to achieve first gas production from the newly awarded
concession in the second quarter of 2023.
This has not been without its challenges. The global supply
chain costs have escalated significantly with energy costs in
particular but also labour costs seeing unprecedented inflation.
The equity capital markets have been very subdued in the period
with fund raises only possible at deep discounts to quoted share
prices. The backdrop of the negative attitude of investing in any
stocks related to fossil fuels has not helped. So it is in this
context that the Company raised sufficient funds to get us to first
gas at Selva and the substantial cash flows that are forecast at
gas prices which are likely to remain strong for the foreseeable
future. This funding by the Company via Convertible Loan Notes from
our existing network of shareholders and supporters over the years
plus a number of new subscribers was undertaken without issuing
warrants, with no fees to brokers and at the prevailing market
share price at the time or at a small premium. A total of
GBP4,825,000 was raised during and post period via the issue of
Convertible Loan Notes and new equity. The interest and capital
repayments on the Convertible Loan Notes have been conservatively
scheduled to fall well within the expected post-tax, post-royalty
cash flows from Selva. Part of the remaining cash flow will be
earmarked for future drilling and seismic data acquisition on our
existing permits in both Italy and Spain.
Another significant event in this period was the completion of
the acquisition of 20% of the Podere Gallina licence in April 2022
to bring the Company's working interest in the licence in which
sits the Selva gas field, to 37%. The funds for this acquisition
were achieved from the placing in February 2022 which raised
GBP2.455 million, before fees, at 3.5p per share, equivalent to a
16.7% discount to the prevailing share price at that time. This
transaction increased the Company's share of Selva's independently
verified 2P gas reserves from 2.3 Bcf to 5.0 Bcf([1]) . The other
63% participant in the licence and operator is Po Valley Operations
Limited ("Po Valley"), a wholly-owned subsidiary of Po Valley
Energy Limited (ASX:PVE).
The increase in the net book value of investments to
GBP14,343,285 from GBP6,697,305 at the end of last year reflects
the after-tax effect of a revaluation of the 37% (from 17%) of the
Podere Gallina licence which brings the valuation of the additional
20% acquired in the current period in-line with the valuation of
the 17% already held at 31 December 2021. We have applied the same
valuation methodology and assumptions which were applied in the
audited financial statements at 31 December 2021, including the
forward prices as at that date. The current forward prices for
European gas at the date of preparation of these interim results
remain at several multiples of those at 31 December 2021, so we
believe the valuations are appropriately conservative and
adequately cater for the effects of any possible significant future
reductions in gas prices, or the imposition of a European gas price
cap. We anticipate that a further upward revaluation at 31 December
2022 is likely to be appropriate.
([1]) Source: "Competent Person's Report Podere Gallina Licence,
Italy" prepared by CGG Services (UK) Limited in January 2019
https://bit.ly/3nZNfYf
Tarba
The Company's acquisition of the El Romeral gas concessions and
its connected and operating power plant near Carmona in southern
Spain has also been an outstanding success. Electricity prices in
March of this year were averaging more than four times the prices
that were being achieved at the time of the completion of the El
Romeral acquisition in March 2021. Spot market prices have since
reduced following the imposition of a gas price cap in Spain, but
the power plant is still seeing average spot prices at more than
three times the prices in March 2021.
Income at the plant has been reinvested in a number of projects
to enhance and increase electricity output while we await the
permissions to drill further wells in the concessions to bring the
power plant back up to its 100% output capacity from its current
30%. These projects include; the full automation of the plant
allowing remote operations 24 hours a day 7 days a week; the
installation of solar panels on the power plant roof (Project
Apollo); the commencement of a larger 5MW solar project adjacent to
the plant (Project Helios); investigations to connect Tarba's local
intra-field gas pipeline network to the nearby 26-inch gas network
pipeline operated by Enagas; and studies to use some of the
suspended wells on the concession for gas storage.
Gas as the Transition Fuel
There is now a growing acceptance that natural gas is the
transition fuel to move us towards a greater proportion of Europe's
energy supply from renewables and less carbon intensive energy
sources. The EU has declared that natural gas should be considered
a green energy source in this energy transition journey. It is no
mistake that Prospex is focussed on natural gas and now an
increasing mix of renewable energy sources from its portfolio of
onshore assets. Locally sourced, indigenous onshore gas has a
carbon footprint some thirty times lower than the transportation of
Liquefied Natural Gas (LNG) between continents, once the carbon
footprint of the liquefication, transportation and regasification
of LNG is added to the equation.
Business Development
With the current shortage of gas across Europe, markets have
experienced historically high gas and electricity prices. The
Prospex Board recognises that current energy prices are not
sustainable in the long term, so, whilst benefiting from the
increased demand and pricing, Prospex has continued to apply a
conservative approach when looking at forward energy prices in the
valuation of its assets. In the current environment, governments
are rightly taking steps to find alternative energy sources,
improve energy security and reduce energy costs to end
consumers.
Prospex is well positioned to contribute positively in all these
areas. There is growing recognition that natural gas will be
required and that local indigenous onshore gas is the optimum
source to meet this need. With the strength of our team and our
assets, Prospex is dedicated to shareholder value gained in a
responsible manner. The outlook for Prospex is growth in cash flow
creating growth in opportunity. With Selva expected to commence
production in Q2-2023 as well as the other organic opportunities,
the year ahead promises to see major progress.
CHAIRMAN'S STATEMENT
Operational Report
The first six months of 2022 have seen exciting progress in the
Company's key investments in Italy and Spain.
Prospex has benefitted from the significant increases in
electricity prices in Spain during the period and with the Selva
field coming on stream in Q2 2023, will experience greatly
increased cash flows from the sale of natural gas in Italy. There
has been a significant increase in the pricing of both electricity
and natural gas due to world events and your Company has budgeted
very conservatively as pricing can be impacted by any number of
events, including direct regulation by governments as well as
supply and demand issues. The Company has some opportunities for
investment on attractive terms within its existing portfolio in
both Italy and Spain subject to economic and regulatory conditions.
The continued focus is natural gas onshore in Europe in accordance
with our view of natural gas as a transition fuel. Other investment
opportunities in renewable energy or ancillary projects may also be
sought. Several business development opportunities have been and
are being evaluated in a disciplined manner given price volatility,
which make it even more challenging to secure attractive
opportunities.
Financial Review
For the six months ended 30 June 2022, the Company is reporting
a net profit after taxation from continuing operations of
GBP5,120,408 (H1 2021: profit - GBP129,356). Unrealised gains
arising on revaluation of financial assets at fair value totalled
GBP7,645,980 (H1 2021: gain - GBP488,335). The 2021 unrealised
gains is dominated by a revaluation of the Company's share in its
subsidiary PXOG Marshall (in which the assets in the Podere Gallina
licence in Italy are held), where the underlying licence valuation
had been updated to reflect positive changes in the forward curve
of European gas prices.
Administrative expenses of GBP501,967 for the year-to-date,
compares with GBP417,126 for the six- month period ended 30 June
2021.
In February 2022, the Company raised GBP2,455,000 gross via an
oversubscribed placing primarily to fund the acquisition of a
further 20% in the Podere Gallina licence.
At 30 June 2022, the Company held cash and cash equivalents of
GBP181,628 (30 June 2020: GBP458,591).
Outlook
The outlook for our Company is very bright. With significant
levels of cash to be generated from Selva and El Romeral and
existing organic opportunities in Spain and Italy, the Company can
confidently execute on new investment opportunities.
As long-term shareholders are aware, the assets are now, or soon
will be, generating substantial revenues that have taken years to
develop and have been subject to delays due to regulatory
constraints and other issues. As an Investment Company, Prospex
relies on its operating partners - currently Tarba in Spain and Po
Valley Energy in Italy. Both these companies, and in Tarba's case
our co-owner Warrego, are excellent partners, well-staffed,
diligent, experienced, and currently well-funded. The internal team
at Prospex is small but very capable of identifying good
opportunities with good partners and contributing to project
development.
Your Company has examined many new opportunities with new
partners and is working with our partners to develop new projects
on our existing assets. We are making investment in solar power
generation in Spain and learning from that experience may provide
additional opportunities in alternative energy. The Prospex board
and team have excellent industry connections in multiple
jurisdictions which may lead to corporate investment opportunities
as well as 'ground level' ones. New opportunities take some period
of time to develop as it is our belief that investment in the
'right' project is a better route to follow, than investment in
whatever comes our way.
Executing new investments is subject to external conditions
including the ongoing recovery from the COVID pandemic; general
economic conditions such as recession and inflation; international
and local political issues including regulation and taxation;
volatile commodity pricing; and climate change mitigation
initiatives including restricting access to capital. These are
outside the control of the Company but must be assessed and
mitigated prior to an investment decision. The current commodity
pricing limits the number of external projects which will provide
appropriate rates of return in the medium to long term.
We are confident that there are many opportunities for the
Company to continue to enhance shareholder value. I look forward to
reporting on progress.
I would like to take this opportunity to thank our investors
whose support has enabled the Company to achieve a level of success
and to our current and past directors and staff who have
contributed so much to enable us to get here.
Bill Smith
Non-Executive Chairman
Prospex Energy Plc
Interim results
For the six months ended 30 June 2022
Statement of profit or loss and other comprehensive income
Note Six months ended Six months ended Year ended
30 June 30 June 31 December
----------------------------------- ---------------------- -------------------
2022 2021 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
CONTINUING OPERATIONS
Other income - 61,335 86,604
Administrative expenses (501,967) (417,126) (891,676)
Share-based payment
charge (201,774) - -
----------------------------------- ---------------------- -------------------
OPERATING LOSS (703,741) (355,791) (805,072)
Gain on revaluation of
investments and loans 7,645,980 488,335 3,076,415
----------------------------------- ---------------------- -------------------
6,942,239 132,544 2,271,343
Finance income 116,314 50,093 109,618
Finance costs (26,200) (53,281) (80,771)
----------------------------------- ---------------------- -------------------
PROFIT BEFORE INCOME TAX 7,032,353 129,356 2,300,190
Income tax (1,911,945) - (40,394)
----------------------------------- ---------------------- -------------------
PROFIT AND TOTAL
COMPREHENSIVE PROFIT
FOR THE PERIOD 5,120,408 129,356 2,259,796
=================================== ====================== ===================
Earnings per share
- Basic earnings 4 2.24p 0.11p 1.61p
=================================== ====================== ===================
- Diluted earnings 4 2.18p 0.11p 1.61p
=================================== ====================== ===================
Statement of financial position
As at 30 June 2022
Note 30 June 30 June 31 December
-------------------------- ------------------------- --------------------------
2022 2021 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Property, plant and
equipment - - -
Investment 5 14,343,285 4,109,225 6,697,305
Trade and other
receivables 3,463,038 1,058,766 1,225,570
17,806,323 5,167,991 7,922,875
-------------------------- ------------------------- --------------------------
CURRENT ASSETS
Trade and other
receivables 710,447 921,364 841,502
Cash and cash
equivalents 181,628 458,591 220,060
-------------------------- ------------------------- --------------------------
892,075 1,379,955 1,061,562
-------------------------- ------------------------- --------------------------
TOTAL ASSETS 18,698,398 6,547,946 8,984,437
========================== ========================= ==========================
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 7,200,272 7,085,589 7,124,355
Share premium account 14,051,552 10,855,416 11,599,333
Capital redemption
reserve 43,333 43,333 43,333
Merger reserve 2,416,667 2,416,667 2,416,667
Fair value reserve 11,801,302 - 6,067,267
Retained earnings (19,181,498) (14,835,674) (18,748,005)
-------------------------- ------------------------- --------------------------
TOTAL EQUITY 16,331,628 5,565,331 8,502,950
-------------------------- ------------------------- --------------------------
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities -
borrowings
Bank loans 28,768 40,195 -
Interest bearing loans 107,226 321,680 247,232
Deferred taxation 1,952,339 - 40,394
-------------------------- ------------------------- --------------------------
2,088,333 361,875 287,626
-------------------------- ------------------------- --------------------------
CURRENT LIABILITIES
Trade and other
payables 51,566 152,574 52,892
Financial liabilities -
borrowings
Bank loans 9,736 9,437 -
Interest bearing loans 217,135 458,729 140,969
-------------------------- ------------------------- --------------------------
278,437 620,740 193,861
-------------------------- ------------------------- --------------------------
TOTAL LIABILITIES 2,366,770 982,615 481,487
-------------------------- ------------------------- --------------------------
TOTAL EQUITY AND
LIABILITIES 18,698,398 6,547,946 8,984,437
========================== ========================= ==========================
Statement of changes in equity
For the six months ended 30 June 2022
Capital
Fair
Share Share Retained redemption Merger value
capital premium earnings reserve reserve reserve Total
GBP GBP GBP GBP GBP GBP GBP
Unaudited
At 1 January
2022 7,124,355 11,599,333 (18,748,005) 43,333 2,416,667 6,067,267 8,502,950
Total
comprehensive
profit
for the period - - 5,120,408 - - - 5,120,408
Issue of shares 75,917 2,542,682 - - - - 2,618,599
Costs in respect
of shares
issued - (112,103) - - - - (112,103)
Equity settled
share-based
payment - 21,640 180,134 - - - 201,774
Transfer to fair
value
reserve - - (5,734,035) - - 5,734,035 -
At 30 June 2022 7,200,272 14,051,552 (19,181,498) 43,333 2,416,667 11,801,302 16,331,628
============================= =========================== ====================== ========================== ====================== ====================== ======================
Unaudited
At 1 January
2021 7,035,589 10,185,819 (14,965,030) 43,333 2,416,667 - 4,716,378
Total
comprehensive
income
for the period - - 129,356 - - - 129,356
Issue of shares 50,000 700,000 - - - - 750,000
Costs in respect
of shares
issued - (54,900) - - - - (54,900)
Equity settled
share-based
payment - 24,497 - - - - 24,497
At 30 June 2021 7,085,589 10,855,416 (14,835,674) 43,333 2,416,667 - 5,565,331
============================= =========================== ====================== ========================== ====================== ====================== ======================
Audited
At 1 January
2021 7,035,589 10,185,819 (14,965,030) 43,333 2,416,667 - 4,716,378
Total
comprehensive
income
for the year - - 2,259,796 - - - 2,259,796
Issue of shares 88,766 1,492,910 - - - - 1,581,676
Costs in respect
of shares
issued - (54,900) - - - - (54,900)
Equity-settled
share-based
payments - (24,496) 24,496 - - - -
Transfer to fair
value
reserve - - (6,067,267) - - 6,067,267 -
At 31 December
2021 7,124,355 11,599,333 (18,748,005) 43,333 2,416,667 6,067,267 8,502,950
============================= =========================== ====================== ========================== ====================== ====================== ======================
Statement of Cash Flows
For the six months ended 30 June 2022
Six months Six months
ended ended Year ended
30 June 30 June 31 December
-------------------- ------------------------- --------------------------
2022 2021 2021
(unaudited) (unaudited) (audited)
GBP GBP GBP
Operating activities
Profit before income tax 7,032,353 129,356 2,300,190
Gain on revaluation of investments
and loans (7,645,980) (488,335) (3,076,415)
Finance income (116,314) (50,093) (109,618)
Finance costs 26,200 53,281 80,771
-------------------- ------------------------- --------------------------
Operating loss (703,741) (355,791) (805,072)
Increase in trade and other
receivables (1,990,099) (23,334) (50,751)
Decrease in trade and other
payables (1,326) (11,688) (85,419)
Equity-settled share-based payment
charge 201,774 24,497 -
-------------------- ------------------------- --------------------------
Net cash used in operating
activities (2,493,392) (366,316) (941,242)
-------------------- ------------------------- --------------------------
Investing activities
Interest paid (26,200) (53,281) (106,722)
-------------------- -------------------------
Net cash used in from investing
activities (26,200) (53,281) (106,722)
-------------------- ------------------------- --------------------------
Financing activities
Bank loan repayment (3,890) - (7,238)
Loan repayments (21,446) (37,530) (56,294)
Issue of share capital 2,618,599 750,000 1,165,838
Costs in respect of share issue (112,103) (54,900) (54,900)
Net cash generated from financing
activities 2,481,160 657,570 1,047,406
-------------------- ------------------------- --------------------------
Net increase in cash and cash
equivalents (38,432) 237,973 (558)
Cash and cash equivalents at start
of period 220,060 220,618 220,618
-------------------- ------------------------- --------------------------
Cash and cash equivalents at end
of period 181,628 458,591 220,060
==================== ========================= ==========================
Notes to the interim financial statements
1 General information
Prospex Energy Plc is a company incorporated in the United
Kingdom, which is listed on the Alternative Investment Market of
the London Stock Exchange Plc. The address of its registered office
is 60 Gracechurch Street, London EC3V 0HR. The Group is primarily
involved in the development, exploration and the production of
natural gas and the generation of electricity.
2 Financial information
The interim financial information for the six months ended 30
June 2022 and 2021 have not been audited or reviewed and do not
constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. The comparative financial information for
the year ended 31 December 2021 has been derived from the audited
financial statements for that period. A copy of those statutory
financial statements for the year ended 31 December 2021 has been
delivered to the Registrar of Companies. The report of the
independent auditors on those financial statements was unqualified,
drew attention to a material uncertainty relating to going concern
and did not contain a statement under Sections 498 (2) or (3) of
the Companies Act 2006.
The interim financial statements have been prepared in
accordance with International Accounting Standards in conformity
with the requirements of the Companies Act 2006 as they apply to
the financial statements of the Company for the six months ended 30
June 2022 and as applied in accordance with the provisions of the
Companies Act 2006 and under the historical cost convention or fair
value where appropriate. They have also been prepared on a basis
consistent with the accounting policies expected to be applied for
the year ending 31 December 2022 and which are also consistent with
those set out in the statutory accounts of the Company for the year
ended 31 December 2021.
The interim financial statements are presented in pounds
sterling because that is the currency of the primary economic
environment in which the company operates.
3 Taxation
On the basis of these accounts the only charge to taxation is
the deferred taxation arising on the revaluation of the company's
investments.
4 Earnings per share
The profit/loss and number of shares used in the calculation of
earnings per share are as follows:
Six months Six months
ended ended Year ended
30 June 30 June 31 December
----------------- ------------------------- -------------------
2022 2021 2021
(unaudited) (unaudited) (audited)
Basic and diluted
Profit for the financial period 5,120,408 129,356 2,259,796
----------------- ------------------------- -------------------
Weighted average number of shares
for basic EPS 228,138,764 116,168,109 140,431,111
Potentially dilutive share options 6,807,636 - 200,265
Weighted average number of shares
for diluted EPS 234,946,400 116,168,109 140,631,376
================= ========================= ===================
Basic earnings per share 2.24p 0.11p 1.61p
================= ========================= ===================
Diluted earnings per share 2.18p 0.11p 1.61p
================= ========================= ===================
The exercisable share options and warrants are deemed to be
dilutive in nature where their exercise price is less than the
average share price for the period.
5 Non-current investment
Shares
in
Group Unlisted
Undertakings investments Total
GBP GBP GBP
Unaudited
At 1 January
2022 6,647,305 50,000 6,697,305
Revaluations 7,645,980 - 7,645,980
At 30 June 2022 14,293,285 50,000 14,343,285
================================== ========================== ==============================
Unaudited
At 1 January
2021 3,570,890 50,000 3,620,890
Revaluations 488,335 - 488,335
At 30 June 2021 4,059,225 50,000 4,109,225
================================== ========================== ==============================
Audited
At 1 January
2021 3,570,890 50,000 3,620,890
Revaluations 3,076,415 - 3,076,415
At 31 December
2021 6,647,305 50,000 6,697,305
================================== ========================== ==============================
The investments in subsidiary undertakings are accounted for at
fair value through the profit and loss, as the Company is deemed to
be an Investment Entity.
6 Dividends
The directors do not propose to declare a dividend for the
period.
7 Copies of interim results
Copies of the interim results can be obtained from the website
www.prospex.energy . From this site you may access our financial
reports and presentations, recent press releases and details about
the company and its operations.
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(END) Dow Jones Newswires
September 22, 2022 02:01 ET (06:01 GMT)
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