Prospex Energy PLC

First-pass take

Pure natural gas and electricity producer with zero AI strategy. Operating leverage from drilling-driven production ramp (Viura-1B online, Selva up 14% YoY), but parent-level operating loss (£1.36m) and reinvestment model limit margin expansion. No valuation multiples disclosed; Aug 2024 fundraise at 6p implies ~0.85x NAV. Downside protected by zero debt and European regulatory stability, but offset by commodity price exposure, customer concentration (Selva entirely via BP Gas Marketing), and operational risks (Viura-1B shutdown, El Romeral transformer failure).