We initiate coverage on Prospex Energy with a risked NAV of 16.8p/sh, offering 220% upside to the current share price. Prospex is a UK-listed (AIM:PXEN) oil and gas E&P investment company, focused on European natural gas and electricity. It has interests in three producing gas fields: two in Spain – the Viura and El Romeral, and one in Italy – Selva Malvezzi. These are stable jurisdictions with straightforward fiscal regimes, low royalties and taxes, ensuring a direct pass-through of commodity u ....
