Prospex holds a 100% working interest in the Tesorillo and Ruedalabola exploration permits in southern Spain through its subsidiary Tarba Energía

An uncapped 5% gross overriding royalty is payable to a former owner of Tarba Energía, on any future revenues from the Tesorillo Project.

Tesorillo contains a gas discovery with gross unrisked prospective resources of 830 Bcf (Best Estimate), and upside potential exceeding 2 Tcf, according to a 2015 Competent Person’s Report by Netherland Sewell and Associates. The permits cover 38,000 ha and are strategically located 3.9 km from the North African 48-inch Maghreb gas pipeline, providing direct access to high-value European gas markets.

The Tesorillo Exploration Permit is currently suspended, with an application to convert the licence to an exploitation concession submitted in May 2021. If approved, the project would provide Prospex with a high-potential gas development opportunity, leveraging existing infrastructure and proximity to key European gas markets.