REG - Pennpetro Energy PLC - CEO Kalugin In Situ Audit of Assets; Texas

Pennpetro EnergyAnnouncement

29/01/2026 07:00

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RNS Number : 7803Q  Pennpetro Energy PLC  29 January 2026

29 January 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

CEO Kalugin In Situ Audit of Assets; Texas

Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic
traditional and transition energy projects, confirms that Chief Executive
Officer, Mavriky Kalugin, will be 'boots on the ground' in Gonzales County and
other relevant locations, in Texas beginning the week of 2(nd) February, 2026.

Board members and Shareholders of the Company will be reassured to hear that
Mavriky will be in country to undertake a detailed assessment of the Company's
subsidiaries, structures, assets and licenses, including both current and
legacy status of the Impaired Assets from the legal, regulatory, financial and
if any opportunity exists, operational perspectives.

Mavriky will be spending up to two weeks visiting Gonzales County, and
specifically, the locations of the Company's currently impaired Texas assets,
gathering concrete information as to the status, condition, accessibility, of
each lease and any equipment or assets that the Company may still have a right
to, as well as any further issues associated with them.

Upon his return Mavriky will present this report to the Pennpetro Board, and
this will be the basis for a report which will be published for distribution
to shareholders in due course.

Richard Spinks, Executive Chairman of Pennpetro Energy, said: "I would like to
thank Mavriky, who is so busy running due diligence on far more substantial
opportunities at PPP,  for travelling to Texas and spending a period of time
there, with the goal of finally understanding the status of the Pennpetro US
assets.

"Our Shareholders have made it very clear to this board that It is vitally
important that we clearly and accurately report back on the status of the
legacy Texas assets, in a timely fashion, something we cannot agree more with.

"It is greatly disappointing that the previous management of this Company was
unable or unwilling to provide this level of detail throughout the past two
audit processes for the Company and that PPP, rightly, was forced due to this
blocking behaviour to impair fully the United States Pennpetro assets for good
Corporate Governance.

"This process is the only way that Shareholders, the Board and Company
management will be able to fully move past these legacy issues with confidence
that we are not leaving any potential value behind."

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 Mavriky Kalugin | Richard Spinks        +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 | Fergus Young            ppp@camarco.co.uk

 

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