Prospex Energy announces Mark Routh to its Board of Directors as CEO

– UK, Hertfordshire –  Prospex Energy PLC (LON: PXEN), the AIM-quoted investment company focused on European gas and power projects, today announced the appointment of Mark Routh to its Board of Directors as CEO, succeeding Edward Dawson who stands down from the Board but will remain as an employee. Mark’s appointment as a director is conditional on the satisfactory completion of the due diligence process.

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 several 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 programs.”

About Mark Routh

Mark Routh is a Petroleum Engineer with more than 40 years of 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 of experience as a Board director in executive and non-executive roles in both private and listed companies. Before 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.

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 the 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 over 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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