REG - Pennpetro Energy PLC - Company update

Pennpetro EnergyAnnouncement

16/12/2025 07:00

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RNS Number : 6480L  Pennpetro Energy PLC  16 December 2025

16 December 2025

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Company update

Pennpetro Energy plc, the company focused on developing strategic traditional
and transition energy projects, announces the promotion of Mavriky Kalugin to
the role of Chief Executive Officer, and Richard Spinks to Executive Chairman
with immediate effect, along with a further update on operations in Ukraine.

Management & Board updates

With the Company now transitioning into a more operationally focused entity,
Mavriky's considerable skillset is best suited for driving Pennpetro forward
in the traditional oil and gas arena, with asset assessment and cashflow
creation the primary goals of the Company.

Richard Spinks will assume the role of Executive Chairman, retaining day to
day involvement in corporate matters and the return to trading whilst
supporting Mavriky in his new role, giving the Company the operational
breathing room it needs to succeed for shareholders.

In accordance with the conditions associated with the Convertible Loan Note
(as announced 25(th) September), RMD Group has the right to appoint two
directors to the Board of Pennpetro but will not appoint its second Board
representative until the Company has returned to trading on the London Stock
Exchange.

The Company must satisfy the FCA, London Stock Exchange and funding providers
of its solid Corporate Governance position and capability and for that reason
at least one further non-executive director will be appointed with significant
experience and ability in this area, which will also significantly reduce the
reliance of the Company on outside advisors for areas of Compliance and
Corporate Governance which a main board listed Company should have the
capability to manage itself from within the Board.

This will also allow the Company to fully segregate the Audit and Remuneration
Committee functions without any perceived or real conflict of interest and
satisfying all rules and regulations, prior to Pennpetro returning to trading
stronger than ever.

Update on Limnytskyi licence, Ukraine

As reported on 3(rd) December, the Polish Holding Company which is intended to
be reversed into Pennpetro has formally entered into a lease arrangement with
the State of Ukraine over the first well, Pivdeno Grinkivska 2, and has issued
formal tenders to the market in Ukraine for the supply of 3D seismic,
engineering services, a workover rig and crew to enable the clearance of
vegetation, and re-establishment of a road to the historic wellsite. Securing
these items will allow the preparation for re-entry of the historic well,
drilling a side-track, to approximately 3,000m.

Funding for these steps is currently provided by RMD Group; in addition to the
existing £250,000 CLN entered into in October, 2025.

Richard Spinks, Executive Chairman of Pennpetro, said: "It is clear to me that
Mavriky has brought exceptional vision, operational capability, diligence, and
drive to Pennpetro. At meetings he is clearly the driving force of knowledge
and experience, impressing all who I have witnessed meet him. He is delivering
exceptional value and progressing our Ukrainian project, as well as exploring
further growth opportunities. I am delighted to promote him to the role of
Chief Executive Officer, and to continue to support him day to day.

This will give shareholders continuity of management, division of
responsibilities between Chair and CEO, as is governance best practice and
until the departure of the former Chair the case. I stepped up as "Interim
Chair" only due to voting outcomes at the AGM in November 2025 and intended to
vacate one or other position at the earliest opportunity, whilst maintaining
stability and direction of the Company during a challenging time, till then.

This will allow Mavriky to deliver value in an enhanced way. As we look
forward to the 23(rd of) December General Meeting, it is clear the Company is
moving in a positive direction and I would encourage shareholders to vote in
favour of the resolutions to help us accelerate the return to trading -
something that we all want."

Shareholder call

Following two successful shareholder calls, a final call will be held on
Wednesday 17(th) December at 18.30-19.30 UK time with Mavriky Kalugin and
Richard Spinks updating shareholders on progress regarding Ukraine and
answering any relevant questions. To register for the free-to-join meetings
please email ppp@camarco.co.uk.

ENDS

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 Mavriky Kalugin                         +44 (0) 20 3757 4980

 Richard Spinks
 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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