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Prospex Energy PLC shares rose on Wednesday, after it said it settled the third and final capital repayment plus accrued interest from the convertible loan notes issued in September 2022. Shares in the Europe-focused gas and power project investor were up 4.0% to 5.20 pence each in London on Wednesday afternoon. It said the notes were settled from accumulated cash within the company. Prospex Energy said the loans, which were convertible at 5.5p per share of original aggregate value of £500,000, were issued to three unnamed individuals in September 2022. In settlement of the third and final quarterly debt repayments, Prospex Energy said a total of £175,240 has been paid to the noteholders. This includes the capital repayment of £168,487 plus accrued interest to Sunday this week of £6,753. ‘I am thrilled to announce to our shareholders that we have successfully made our final debt payment, marking a significant milestone as the company is now completely debt-free. With regular monthly income from our two producing assets - gas in Italy and electricity sold from our gas production into our power plant in southern Spain, the company has established a sound footing for the growth and development of its activities,’ said Chief Executive Officer Mark Routh. ‘The company and its highly experienced new business team are actively reviewing a number of potentially interesting investment opportunities with a focus on diversified European energy projects prioritising natural gas and power and renewable energy projects. We will continue to seek others, employing rigorous project analysis. Surplus funds generated from our assets are being accumulated in the company’s investment and joint venture vehicles to provide funding for future projects, in particular the three wells planned in Italy and the five wells going through the permitting process in Spain.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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