REG - Pennpetro Energy PLC - Appointment of Board Directors

Pennpetro EnergyAnnouncement

29/10/2025 07:02

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RNS Number : 1551F  Pennpetro Energy PLC  29 October 2025

29 October 2025

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Appointment of Board Directors

 

Pennpetro Energy plc, the company focused on developing strategic traditional
and transition energy projects, announces the appointment of Richard Spinks as
Executive Director and Chief Executive Officer ("CEO") as the company enters a
new phase of development.

This follows the announcement of 25 September 2025, where the Company
confirmed RMD Group's right under the terms of the CLN, to appoint two
directors to the Pennpetro board. Robert Menzel will step down as Chief
Executive Officer with immediate effect but will remain on the Board.

About RMD Group

RMD Group, a Canada-based privately held Family Office which makes high impact
investments in real estate (North America and Europe), energy, infrastructure,
renewable fuel and decarbonisation technologies, forestry, biochemical and
technology sectors, in Canada, Europe and the United States.

About Richard Spinks

Richard, a serial entrepreneur, has 40 years' experience working across
sectors including technology, fisheries, agriculture, forestry and for the
past 13 years renewable energy and decarbonisation fuel product development.
Today, RMD's biofuels and biofertilizer company is a leading company in this
rapidly growing sector globally. He has founded several disruptive companies
in traditional industry sectors, held executive and board positions in
privately held and both US and UK listed Plc businesses. Richard works
internationally and has deep knowledge and strong connections, including in
Ukraine where he has been active for over 20 years. Richard is multi-lingual
and a strong communicator in the languages of the countries where RMD
investments are held.

Stephen Lunn, Chairman of Pennpetro Energy plc said: "The board of Pennpetro
are grateful to RMD Group for believing in us and supporting us through this
challenging period in the Company's reorganization and I am delighted to
welcome Richard onto our Board, to continue to drive positive change going
forward.

Their vision, desire and ability to drive Pennpetro Energy forward is hugely
exciting. They have injected fresh energy into the Company through the
Convertible Loan Note and bringing a number of projects to our attention,
beginning with the already announced Limnytskyi License opportunity. I would
like to put on record my thanks to Robert Menzel for his tireless work in
supporting me to reposition Pennpetro, during a particularly difficult and
challenging time, which we believe is now, behind us."

Richard said of his appointment: "Pennpetro Energy today, based on the
significant work done over the past 9 months by Stephen and his colleagues,
has reached the point where the potential to become a vehicle for exceptional
growth and shareholder value creation is finally a reality.

We are bringing together a powerful and highly experienced leadership team, at
each stage of the Company's development beginning with Mavriky Kalugin and his
enviable knowledge and experience in oil and gas, to identify, negotiate
appraise, and unlock economically viable opportunities; and market
participants are taking very real notice giving us confidence that the Company
will be supported under new management going forward.

Subject to Shareholders also supporting these efforts, I am certain that the
Company will not only return to trading, but that it will do so much stronger
than before, built on solid foundations, able to deliver real value to all
shareholders, existing and new, into the future."

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 Stephen Lunn                            +44 (0) 20 3757 4980
 Capital Plus Partners Limited - Broker  +44 (0) 20 7432 0501

 Jon Critchley
 Camarco - Financial PR                  +44 (0) 20 3757 4980

 Andrew Turner | Owen Roberts            ppp@camarco.co.uk

 

ENDS

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