Prospex Energy makes end-of-year loan repayments

Europe-focussed gas and power project developer Prospex Energy has repaid a total of £18,764.70 in scheduled capital repayments due on the loan note issued in December 2018, it announced on Friday.

The AIM-traded firm said it had also paid a total of £22,742.87 in interest due on the 2018 loan note and the note issued in 2021, in addition to the final interest payments due under the convertible loan note instrument dated 23 December 2020.

It said the capital and interest payments were funded from existing cash resources.

“These interest payments and loan repayments have been made possible by the income generated by the El Romeral power plant in southern Spain in which Prospex owns a 49.9% share through its shareholding in Tarba Energía,” said chief executive officer Mark Routh.

“We expect to be expanding the generating capacity at El Romeral during 2022 with the planned infill well drilling campaign, thereby boosting our income.”

At 1041 GMT, shares in Prospex Energy were down 4.41% at 3.25p.