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Mniszow field development 21 September 2026 The Vistula river – Photo from Prospex scouting trip
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Prospex Energy plc – Investor Presentation – July 2026 2 Disclaimer Prospex Energy plc – Mniszow IMC Presentation – September 2026 This document (Presentation) is the sole responsibility of Prospex Energy Plc (the Company) in connection with an investor update on the Company’s Polish San and Dunajec licences, and the Mniszow oil discovery. This Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. The information contained in, and communicated to you during, this Presentation does not constitute, or form part of, and should not be construed as, an offer or invitation or other solicitation or recommendation to purchase or subscribe for any securities in the Company. In particular, the Presentation does not constitute an offer of securities for sale in the United States. Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Each recipient of the Presentation should make its own independent investigation and assessment of the merits or otherwise of the Company and should take its own independent professional advice. The information in this Presentation has not been verified by the Company, nor does this presentation purport to contain all of the information that an investor may desire to have in order to evaluate whether or not to make an investment in the Company. The information in this Presentation is subject to updating, completion, revision, verification and amendment. No reliance may be placed for any purpose whatsoever on the information, representations or opinions contained in this Presentation or on the completeness, accuracy or fairness of it. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness or correctness of the information, representations or opinions contained in this Presentation and no responsibility or liability whatsoever is accepted by any of them for any such information, representations or opinions (including in the case of negligence, but excluding any liability for fraud). The information contained in the Presentation is based on the Company’s review of historical records and its own internal analysis but such information including, but not limited to, estimates, anticipated costs and drilling results is inherently subject to change based on new information. This Presentation contains forward‐looking statements, including but not limited to statements in relation to the Company, its subsidiaries and its projects, the future price of, and demand for, its products, the costs of production, capital expenditures, the costs and timing of the development of new assets, and requirements for additional capital. Such statements are generally identifiable by the terminology used, such as “may”, “will”, “could”, “should”, “would”, “anticipate'', “believe'', “intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'' or other similar wording. By its very nature, such forward‐looking information requires the Company and its directors to make assumptions that may not materialise or that may not be accurate. Such forward‐looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company and its directors that could cause the actual performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Such factors include, but are not limited to, general business, economic, competitive, political and social uncertainties and delays in obtaining required capital financing. Furthermore, the forward‐looking information contained in this Presentation is made as at the date of this Presentation and the Company does not accept any obligation to disseminate any updates or revisions to such forward‐looking statements save as required by law or regulation. All forward‐looking information contained in this Presentation is expressly qualified by this cautionary statement. This Presentation should not be distributed, published, reproduced or otherwise made available in whole or in part or disclosed by recipients to any other person and, in particular, should not be distributed to persons with addresses in Australia, Canada, Japan, the Republic of South Africa or the United States of America or in any other country outside the United Kingdom where such distribution may lead to a breach of any law or regulatory requirements. By receiving and reading this Presentation you agree to be bound by the foregoing limitations.
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3 Introduction to Prospex Energy
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Asset portfolio 4 Multi-jurisdictional portfolio of assets providing strategic exposure to the European energy market with country diversification: • Po Valley, Italy. 37% non-operated interest in the Selva Malvezzi concession • Viura, Rioja, Spain. 7.24% non-operated interest in a high potential asset, held through a 7.5% interest in HEYCO Energy Iberia • El Romeral, Tesorillo & Ruedalabola licences, Andalucia, Spain. Held via 100% ownership of Tarba Energia • San and Dunajec, exploration licences awarded Q2 2026 in southern Poland. 100% Prospex ownership • Mniszow oil discovery included in Dunajec licence Attractive exposure to a series of high potential assets in the European gas market Prospex Energy plc – Mniszow IMC Presentation – September 2026 San, Dunajec Licences, Poland
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Prospex Energy plc – Investor Presentation – July 2026 5 Corporate investment case Prospex offers exposure to the following investment positives: • Extrinsic – rising tides which lift all boats • Real assets – commodities which hold value in currency terms during periods of inflation • Growing energy demand driven by digital infrastructure growth • Energy sovereignty – as free access to imported energy becomes less guaranteed, energy resources in a particular jurisdiction will be more valuable • Intrinsic – specific to the company and its assets • Each asset has an identified pathway to grow value through discovery, de- risking and development The goal – create a cash compounding machine which can recycle growing cashflow into other assets, compounding investor value over multiple investment cycles At each stage, every investment will be assessed rigorously against value added per Prospex share 1st 2nd 3rd 4th Prospex Energy plc – Mniszow IMC Presentation – September 2026
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6 San & Dunajec licences, Poland
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San licence, Poland – gas prospectivity Prospex Energy plc – Mniszow IMC Presentation – September 2026 • Licence area 818 km2 • Work Programme (WP): 3+2 years. Drill or drop commitment • Firm WP: 500km2 high-res Aerogravmag within 3 yr of award • Drilling 1 obligatory well up to 2,000m within 40 months of licence award • Miocene gas play only • 3 leads identified by PGI/MoE to be investigated by PXEN • Block located on the SE-NW gas discoveries trend
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• Licence area 1,182 km2 • WP: 3+2 years. Drill or drop commitment. • Firm WP: 600km2 high-res Aerogravmag survey within 3 yeas of license award • Drilling 1 obligatory well up to 4,000m within 40 months of license award Dunajec licence, Poland – oil & gas prospectivity Prospex Energy plc – Mniszow IMC Presentation – September 2026 • Cretaceous Pinch-out and Jurassic fracture reservoir oil & gas • Miocene turbidites gas play • Cenomanian gas play • Mniszow oil discovery
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Introduction to Mniszow Prospex Energy plc – Mniszow IMC Presentation – September 2026 • First well with oil shows drilled in 1961 Grobla-1 (east of Mniszow South) that later lead to discovery of: Grobla (1962), Plawowice (1963) and later Mniszow (1966) fields • After discovery of Grobla & Plawowice accumulations primary focus was on developing those fields, with 100+ wells • In the mid 60’s a drilling campaign was initiated to evaluate potential of the Mniszow & Hebdow blocks • Around 30 wells drilled with oil shows. Wells testing oil to surface. G-24/G-29/M-3 classified as oil producers • No detailed production data available & full field development was never executed • In 1979 two additional vertical wells were drilled M-17/M-18 - both tested oil. P&A due to low oil rates.
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Data review and estimates 10 • Prospex has reviewed the historic database and identified an initial view of potential oil in place and recoverable barrels • Updated estimate1 of STOIIP of 13.0 mmbbl • Updated estimate1 of Recoverable Reserves 3.7mmbbl • An 8 well programme, using modern drilling and completion techniques, has been modelled based on these estimates 1. Company estimates, based on available data Mniszow offers an opportunity to develop discovered resources in supportive regulatory environment Prospex Energy – Full Potential – AGM June 2026Prospex Energy plc – Mniszow IMC Presentation – September 2026
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11 Geological setting
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 12 Geological setting – oil play Credit: Palaeogeographic illustration by Carl-Agust W.; Based on the work by Matthews 2016, Muller 2022 and Cecca 1993 The limestones in Poland were deposited in the same period (late Jurassic) and form the reservoir of the oilfields in the Polish Carpathians During the late Jurassic, Europe was covered by shallow seas, which led to the deposition of limestones (e.g. Jura)
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 13 Geological setting – Miocene gas ` Axial ForedeepInner Foredeep Piggy-back basins Outer Foredeep HINTERLAND FORELAND • Following the deposition of the limestones, the Carpathians continued to emerge. • In the late Cretaceous and tertiary, the basin changed into a foreland basin. The mountains load the underlying plate, causing it to flex, which creates a sedimentary basin. The subsequent erosion of the surrounding area fills the basin, creating reservoirs. • This is the foundation of the Miocene play which is the basis for the gas reservoirs in both blocks Deposition of eroded sediments accumulates hereCarpathians being pushed up, from the south Erosion and transportation of sediment
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 14 Complete petroleum system chart Source: Shales with high TOC, deposited primarily in the Devonian and late Silurian (Gliniak et al. 2004) Reservoir: Primarily the aforementioned limestones of Oxfordian age. Seal: Marls of Senonian age Generation of oil: As early as the Triassic, the source rocks had already reached burial depths of 2000m, but according to the PGI (Kotarba 2012) it took until the Cretaceous to reach thermal maturity, and then again in the Miocene when massive amounts of sediment were deposited in the sediment, during the Carpathian uplift - further increasing the burial depth. Mniszow has all the elements of a working petroleum system in place
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 15 Plawowice - adjacent field history Commercial production delivered from average thickness lower than encountered at Mniszow (c. 10m thick Upper Jurassic limestone and 1-2m thick Cenomanian conglomerates) • Plawowice discovered in 1963 • OIIP 12 MMbbl • Production to data c. 4.7 MMbbl to date • Avg thickness 6.6m for the Upper Jurassic limestone and 2m for the Cenomanian (sands + conglomerates),
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 16 Grobla - adjacent field history • Grobla discovered in 1962 • OHIP 48 MMbbl & 9Bcf • Production to date > 20Mmbbl & 5 Bcf gas • Upper Jurassic limestone avg. thickness 20m • Cenomanian (sands + conglomerates) c. 9m • Production via vertical wells Proven commercial production in neighbouring reservoir bodies using basic vertical wells We are approaching Mniszow as a production engineering project utilising modern technology can improve production & recovery
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 17 Mniszow mapping & vol analysis Water Oil No shows/ no inflow Well shows and test results• Data from over 30 wells assessed • Maps created based on existing stratigraphic information (well formation tops) • 18 wells with open hole logs • 13 wells with final well reports • In some cases only well basic technical sheet available • Field contour mapped based on well tests data • No seismic data used. Legacy lines are of poor quality and limited coverage • Regional E-W faults accommodated from legacy maps • North & South OWC identified based on well tests data: • Mniszow South @ 505m TVDSS • Mniszow North @ 430m TVDSS Estimated STOOIP – 13.0 MMbbl
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 18 W E Field outline OWC proven on tests H1: (783-788m) CH: brine inflow H-1: (795-815m) CH: brine inflow M-8 (750-755m) CH: brine inflow 22.5bbl/d with time brine + weak oil traces 6.7bbl/d G-24: (720-728m) CH: Acid job: long term production test: prod. 3024bbl (over 30 months) (DST ~7bbl/d) M-7: (692-708m) OH: (Acid job?) test flowed fluid with oil traces 9bbl/d. Oil in fractures W Mniszow South E-W well correlation panel Oil Water Contact reliably identified using well logs
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 19 P-1 (675-693m) CH:brine inflow ~19bbl/d P-1 (705-722m) CH:no inflow M-8 (750-755m) CH: brine inflow 22.5bbl/d with time brine + weak oil traces 6.7bbl/d G-24: (720- 728m) CH: Acid job: long term production test: prod. 3024bbl (over 30 months) (DST ~7bbl/d) M-4: (637-673.7m) OH: Acid job: Fractured lmst OIL saturated. Tested: no detailed interval in tech. Sheet. No oil recorded/observed (no inflow?) G-29: (617- 642m) CH: Acid job: oil inflow ~2bbl/d after 24h~2.5bbl/d (rec. 44bbl of oil). Oil flow prior acid treatment. M-10: (552- 578m) CH: Five acid injections: On tests rec. oil traces:„water inflow followed by oil inflow”. Oil and Gas shows while drilling, Field outline M-3 (660-673m) CH: Acid job: oil inflow@5l/min (45.2 bbl/d), total oil rec. 41bbl OWC proven on tests NS Mniszow South N-S well correlation panel N-S field limits are reasonably well- defined
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 20 Analogues – proven production • Grobla and Plawowice adjacent oil and gas fields with >20 MMbbl and c. 5 MMbbl of oil respectively • In both offset fields HC bearing formations are upper Jurassic fractured carbonates overlayed by Cenomanian sands/conglomerates as in Mniszow • 100+ bbl/d natural production achieved from number of historically drilled vertical wells from Plawowice field • Wells EUR up to c. 200,000 bbls based on vertical completion International analogues - fractured carbonate fields with lateral wells development programme: • Oklahoma, Mississippi Chat limestone • (Sandridge, Oklahoma) Depth: 900m-1818m • 35% to 65% water saturation • Fractured cherty dolomitic, 10-15% porosity, 18m thick zone • EUR 300,000 - 500,000 BO/well • Horizontal development 1,200m – 1,800m laterals • Texas, Salt Flat fractured limestone (see next) Limestones at the confluence of the Wisconsin and Mississippi rivers – photo credit: Manfred Hoffman
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 21 - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 Jan 1995 Jan 1996 Jan 1997 Jan 1998 Jan 1999 Jan 2000 Jan 2001 Jan 2002 Jan 2003 Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Jan 2026 The Salt Flat field produces from a naturally tight limestone reservoir that relies on fracture networks along the Luling fault zone for permeability. The field has produced since the 1930s via vertical wells which only intercepted limited sections of these vertical fractures. By transitioning to horizontal drilling between 2007 and 2010, operators were able to intersect multiple natural fracture systems laterally, unlocking pockets of bypassed mobile oil within the tight matrix. Production increased from 6 bbl/d to c. 3,000 bbl/d New development strategies employed: 1. Shift to Horizontal Well Development 2. Favourable shallow reservoir economics 3. Modern production automation & targeted waterflooding Production increase at Salt Field The successful application of modern techniques to a mature carbonate production play shows clear positive impact Impact of horizontal drilling Salt Flat (Edwards) Field, Texas Field history and modern intervention Monthly oil production (bbl)
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22 Outline development Plan
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 23 Development plan – 3 phases • Acquire 2D seismic To gain structural clarity on Mniszow field • Pilot well (Targeting Q4 2027) Core reservoir, acquire electrical & image logs Case to top of reservoir, drill out with coil tubing to deliver initial open hole lateral c. 400m or longer Retain option to perform acid stimulation • 4 wells programme (late 2028) Programme of four wells with evolved completion design taking into account learnings from Pilot May include longer or multiple laterals • 3 – 5 well programme (2029 onwards) Final programme of wells to infill and maximise field recovery. Economics assume three wells. Producing wells in the area – Images from Prospex scouting trips
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 24 Q1 2027: 2D seismic survey Planned seismic 2D lines locations Dunajec license outline Mniszow North and Sout Mniszow North and South Planned 2D seismic line Prospex plans to acquire the seismic in Q1 2027 so the data can be interpreted and used in final well planning Map shows initial seismic plan in blue & field outline in orange for both Mniszow North and South. The objectives of the seismic acquisition are: • Provide confirmation of reservoir continuity • Provide confirmation of reservoir top depth and thickness • Detect major faults • Evaluate up dip extent of reservoir where well control is limited
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 25 Development plan – pilot well Location of Mniszow X-1 vertical + lateral Cased across permeable sections with aquifers Water - bearing Seal Fractured reservoir Open-hole section drilled with coiled tubing Rod pumps to enhance rates Oil - bearing Map shows initial seismic plan in blue & well location shown on left with tophole and lateral section in areas of good seismic data control. Schematic shown on right illustrates the well design. A vertical section drilled and cased to top reservoir level at c. 650m This allows coiled tubing to build angle as it drills the lateral section in the reservoir Productive section is an uncased lateral, aiming for 400m long, drilled in a N-S direction to intersect as many natural fractures as possible Prospex is working with a number of suppliers to develop detailed design and costings. Cartoon of X-1 well vertical + lateral Mniszow X-1 well possible surface location with 500m lateral
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 26 Mniszow – full field economics • Production profile based on local & analogue field performance and the assumed application of stimulated, lateral well design • Pilot well drilled in Q4 2027 with production start in 2028 • Four wells drilled in 2028 • Final campaign of 3+ infill wells which incorporate learnings Production build, three drilling campaigns Value build (€ million) Prospex Energy plc – Mniszow IMC Presentation – Sept 2026 Core assumptions Oil price average €60/bbl ($70.5/bbl) Initial well cost €4.5 million 8 wells in total with capital efficiencies assumed 300 bbl/d initial production rate Up to 450,000 bbl EUR per well
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27 The path from here
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 28 Project timeline Q3 ’26 Q4 ‘26 Q1 ‘27 Q2 ‘27 Q3 ‘27 Q4 ‘27 Well programme design and long lead commitments; Preliminary CPR Acquire 2D seismic data over Mniszow field; Update CPR Permitting & land access Drill 1st well on Mniszow well Prepare wellsite Commit to Seismic, design lock Confirm well location and trajectory Finalise Mniszow materials & engage with investors IMC Presentation 1 2 Confirm partnership investor 1 1st oil3 Partnership FID2 Key Project Commitments Investment Decision Points Lock in drilling equipment3
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Prospex Energy plc – Mniszow IMC Presentation – September 2026 29 Mniszow, a highly attractive development • Mniszow oil discovery mapped using significant body of historical data and analysis • Analysis of neighbouring fields shows that carbonate reservoir at Mniszow is a viable producer • International analogue developments demonstrates clear evidence of the positive impact of modern development techniques on mature limestone plays • Rapid progress - from licence award to executable development plan within 6 months • Clear activity plan established for 2027 including 2D seismic and drilling of pilot well • Mniszow base case economics provide valuation of c. €54.0 million (NPV10 basis - €15.6/bbl) • A number of potential partners now engaged regarding investment
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Questions…