RNS Number : 7344G Prospex Energy PLC 03 October 2024 Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas 3 October 2024 Prospex Energy PLC ('Prospex' or the 'Company') Grant of Options Prospex Energy PLC, the AIM quoted investment company focused on European energy projects, has today granted a total of 4,400,000 share options in the Company to directors and management (the "Options").  The new options awarded represent 1.09% of the total issued share capital of the Company on 2 October 2024.  The new award results in the total number of options awarded to directors and management of 22,346,364 options, which represents 5.55% of the total issued share capital on 2 October 2024.  The Company has also extended the expiry date of an earlier option award, as detailed below. Award of New Options The new options have been awarded at 6.4p per share representing a 9.4% premium to 5.85p, the closing price of Prospex shares on 2 October 2024. The Options vest 3 months from issue and are exercisable for a period of five years. The new options to be issued are set out below:- Amendment to the 5p Options awarded on 18 March 2022 In addition to this award of options, the Board of Directors has agreed a deed of variation for the remaining 6,300,000 options in the capital of the Company with a strike price of 5p per ordinary share which were awarded on 18 March 2022.  These 5p options vested immediately and were granted for a term of three years.  Since all subsequent options awarded by the Company have had an expiry date on the fifth anniversary of the award, the deed has changed the expiry date of these 5p Options to also have an expiry date on the fifth anniversary of the award, thus changing the expiry date from 17 March 2025 to 17 March 2027.  Three of the current Directors are currently interested in this option award, being Mark Routh (2,100,000 options), William Smith (900,000 options) and Alasdair Buchanan (900,000 options), all of whom have agreed not to exercise for a period of at least three months from today's date. Summary of Issued Options Total options held by directors/PDMRs, factoring in the abovementioned expiry date extension, before the new award: Directors'/PDMRs total Options after this new award: Related Party Transaction Relating to the 5p Option Amendment The amendment to the expiry date of the remaining 6,300,000 options awarded on 18 March 2022 to certain Directors of the Company constitutes a related party transaction under the AIM Rules for Companies. Andrew Hay as the sole director who is not a participant in that option award (as he was not a Director of the Company at the time) is therefore regarded as independent of the amendment of the option agreements and considers that the terms of the amendment is fair and reasonable, having consulted with the Company's nominated adviser, Strand Hanson Limited, insofar as the Company's shareholders are concerned. 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. * * ENDS * * For further information visit www.prospex.energy or contact the following: PDMR Notifications for the new options PDMR Notifications for the amendment of the 5p options This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END DSHFFFIIITLFIIS