REG - Pennpetro Energy PLC - Corporate Update and Results for 6M (unaudited)
02/05/2023 07:15
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RNS Number : 9853X Pennpetro Energy PLC 02 May 2023
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Corporate Update and Results for the 6 months
ended 31 December 2022 (Unaudited)
London, 2 May 2023 - Pennpetro Energy plc (LSE: PPP), an independent oil and
gas company focusing on production in the Gonzales Oil Field in Texas, USA,
announces today its corporate update and the financial results for the six
months ended 31 December 2022.
Corporate Update
· As announced on 16 March 2023, a Participation, Development and Option
Agreement and Joint Operating Agreement with Millennium PetroCapital
Corporation ("Millennium") for a proposed 250,000 acre (1,011 square
kilometres) Area of Mutual Interest ("AMI") petroleum joint venture in
Gonzales County, Texas;
· The £1.54 million capital raising announced 28 March 2023; and
The drilling of the first participation well (Whistling Straits 5H well) with
Millennium, which is currently in the "clean-up" phase post drilling the well
to Total Depth, as announced on 12 April 2023.
The Company is now in a significantly stronger position than it was on 31
December 2022 and there are plans to grow the Company with potentially further
participation wells with Millennium in 2023 and the promising farm-in
opportunity to drill the Horse Hill #3 well near Gatwick Airport (as announced
on 28 March 2023).
Results for the 6 months ended 31 December 2022 (Unaudited)
Financial summary
· The financial results for the six months ended 31 December 2022
show a loss after tax of $356,193 (H1 2022: loss $205,000).
· The Group's borrowings, which were non-current, as at 31 December
2022 were $4,182,794 (H1 2022: $4,257,000).
Operational summary
· The Farm-In Agreement signed with Upland Resources Limited for the
onshore Tunisian Saouaf permit covering 4,004 square kilometers was terminated
by the Company post on-site visits by both Tom Evans, the Company's CEO and
Andy Clifford, President of Nobel Petroleum USA, Inc., as detailed discussions
with both the Tunisian authorities and operational personnel of Upland could
not guarantee that all prior obligations regarding the concessional area had
been complied with.
· The East Texas proposed Farm-In Agreement to 300 shallow gas
prospects could not be advanced at this time due to impending litigation
issues regarding certain areas. Once these issues have been satisfactorily
resolved, the agreement can be reinstated.
· Significant developments in the pursuit of Proprietary Intellectual
Property green technologies with international PCT (Patent Cooperation Treaty)
being approved and entering the European National-Regional Phase.
Outlook
In line with our strategy, all our operations are in highly active plays where
the economics of drilling and producing remain attractive at sub-US$30 oil
prices. This highlights the success we have had in taking advantage of the
prior industry downturn to accelerate the positioning of our South Texas
leasehold position in favour of the Austin Chalk and Eagleford Shale. As prior
reported, we have energized our entire portfolio having successfully drilled
and test produced oil in the lower lying Buda formation as an economic
reserve. With a strategic foothold in these prolific, low-cost plays
established, and a proven management team in place, we will look to expand our
drill focused activities, initially regarding the re-entering the Austin Chalk
formation of the COG#1 well which flowed oil, with a view to placing that
formation on full production.
Chairman's Statement
As reported last year after selling oil commercially from our initial well in
the Gonzales field, as the world went into lockdown, we suspended all
operations and activities in line with the requests of the US Government and
Texas State Legislators. Our team in Houston has recommenced discussions with
petroleum service contractors with a view to bringing our proposed 2nd and 3rd
drilling projects into play.
With operations now being undertaken again, albeit in a more restricted
manner, we sought to shape Pennpetro to emerge stronger and better positioned
to accelerate its growth profile from these challenging times.
We also took the opportunity to expand our capital base by the placement of
1,166,667 new shares during March 2022 to raise an additional £350,000 in
working capital, and also the appointment of Peterhouse Capital Limited as our
Corporate Broker. The Board continues to seek accretive options for corporate
development.
In addition, the Company, recognising the global impact of environmental
concerns, has instigated due diligence regarding expanding its experiences and
core competencies within the fossil environment and petroleum drilling to
specific green energy initiatives securitised with US intellectual property
filings which are being expanded to select jurisdictions internationally.
We remain confident in our US petroleum assets and the Board continues to
build upon what has been a slightly less challenging year for the Group.
David Lenigas
Executive Chairman
2 May 2023
Chief Executive Officers Statement
Operations
In terms of our operations, prior to the onset of the pandemic restrictions,
our focus had been on completing our initial horizontal well and organizing
the permitting of our second targeted horizontal well (COG#2-H) situated to
the north of COG#1-H. Our operator has filed formal completion certificates
with the Texas Railroad Commission confirming that the COG#1-H well was being
completed as a producer. As explained, our emphasis has now shifted to the
development and drilling of COG#2-H, and our prior stated activity pertaining
to the COG#1-H Austin Chalk oil operations, will be held pending post the
drilling of COG#2-H well into production. Once the process of water removal
from the lower reservoirs of COG#1-H is completed, an operation which we have
decided to complete with the lower formation being cased-off and to re-enter
and take hydrocarbon production from the upper Austin Chalk, from which we
initially took oil.
With the advent of the Russian invasion of Ukraine in February 2022, the
energy markets have been placed under extreme pressures, with the price of
both Brent and West Texas being constantly in the US$120 zone. Although we
expect that prices will retreat from these highs in the short term, any
greater unseen forces will see prices escalate again.
In this stabilised oil price environment, Pennpetro has emerged from the oil
vicissitudes as a low-cost, primarily asset-backed US onshore oil and gas
business, with exciting international interests. Subject to oil prices, market
conditions and sentiment, I remain confident that we can deliver our strategy
by not only acquiring leases in active and producing US onshore plays and
proving up the reserves by drilling new wells, but also by our new strategic
acquisition focus on producing assets and directive into green energy
initiatives.
This platform is one that has at its core, the active management of all types
of risk associated with the oil and gas industry. Broadly speaking,
development risk is managed by focusing on proven formations; execution risk
is managed by participating in drilling activities with solid experienced
industry personnel, which we have in Houston who have an extensive history in
South Texas petroleum activities, as well as our operations offsetting those
of major industry players; individual well risk is managed by building a
diversified portfolio of leases and wells; meanwhile oil price risk is managed
by focusing on areas that require relatively low oil prices to breakeven and
ensuring our cost base, capital commitments and financing costs remain low,
manageable and flexible.
As explained, our domestic US asset acquisition strategies generally only
targets producing assets and applying proven horizontal technologies to
conventional reserves from a firm productive foundation. This initiative is
being driven through our Houston technical office with several asset
opportunities having been investigated.
Pennpetro's Board currently comprises four Directors, who collectively have
extensive international experience and a proven track record in investment,
corporate finance and business acquisition, operation and development and are
well placed to implement the Company's business objectives and strategy highly
active plays.
We believe the Company's Board and its US management team are strong in terms
of having the right mix of industry expertise covering all key areas of the
business, including lease acquisition, geology, engineering, and finance.
Oil Price
West Texas Intermediate ("WTI") has continued its strength throughout the
period under review averaging US$83.29/bbl. The value of WTI as at 31 Dec 2022
was US$80.16/bbl (source: Bloomberg Markets). We will receive a premium of
approximately US$5/bbl for Gonzales crude oil deliveries.
Outlook
In line with our strategy, all our operations are in highly active plays where
the economics of drilling and producing remain attractive at sub-US$30 oil
prices. This highlights the success we have had in taking advantage of the
prior industry downturn to accelerate the positioning of our South Texas
leasehold position in favour of the Austin Chalk and Eagleford Shale. With a
strategic foothold in these prolific, low-cost plays established and a proven
management team in place, we will look to further expand our position in this
US onshore sweet spot, as and when management considers it most advantageous
to do so.
Finally, I would like to thank the Board, management team and all our advisers
for their hard work over the last six months and also to our shareholders for
their continued support.
Thomas Evans
Chief Executive Officer
2 May 2023
For further information, please contact:
Pennpetro Energy PLC:
Tom Evans, CEO tme@pennpetroenergy.com
Brokers:
Zeus Capital
Simon Johnson +44 (0) 207 614 5900
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0930
+44 (0) 20 7220 9797
Duncan Vasey
Media and Investor Relations:
Instinctif Partners
pennpetro@instinctif.com
Galyna Kulachek
+44 (0) 20 7457 2020
Isadora Pegler
NOTES TO EDITORS
Pennpetro Energy is an independent oil and gas company focusing on production
in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted
to the Official List of the London Stock Exchange by way of a Standard Listing
on 21 December 2017 with the ticker symbol "PPP". Its wholly owned subsidiary,
Nobel Petroleum USA Inc. has a Participation, Development and Option Agreement
and Joint Operating Agreement with Texas based Millennium PetroCapital
Corporation over a 250,000 acre Area of Mutual Interest in Gonzales County,
Texas, aimed at exploiting the prolific proven Austin Chalk oil and gas play.
Pennpetro Energy has also recently signed a conditional binding agreement to
conduct a new 3D seismic survey on the Horse Hill Oil Field near London's
Gatwick Airport which paves the way to drilling the next production well
(HH-3) for 49% of the revenue of this proposed well.
Further information on the Company can be found at www.pennpetroenergy.co.uk
(https://protect-eu.mimecast.com/s/vbeJC5yglhgAvNmIOZ5y8?domain=pennpetroenergy.co.uk/)
IMPORTANT NOTICE - FORWARD-LOOKING STATEMENTS
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and involve
predictions. Forward-looking statements may and often do differ materially
from actual results. In addition, even if results or developments are
consistent with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or developments
in subsequent periods. Any forward-looking statements reflect the Group's
current view with respect to future events and are subject to risks relating
to future events and other risks, uncertainties and assumptions relating to
the Group's business, results of operations, financial position, liquidity,
prospects, growth or strategies and the industry in which it operates.
Forward-looking statements speak only as of the date they are made and cannot
be relied upon as a guide to future performance.
Strategic report and business review
To the members of Pennpetro Energy plc
Cautionary statement
This business review has been prepared solely to provide additional
information to shareholders to assess the Company's strategies and the
potential for those strategies to succeed.
The business review contains certain forward-looking statements. These
statements are made by the Directors in good faith based on the information
available to them up to the time of their approval of this report and such
statements should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any such forward
looking information.
This business review has been prepared for the Group as a whole and therefore
gives greater emphasis to those matters which are significant to Pennpetro
Energy plc and its subsidiary undertakings when viewed as a whole.
The Group's business model
Pennpetro's intention is to become an active independent North American
development production company.
The key elements of Pennpetro's strategy for achieving this goal are:
• The creation of value through production development success and
operational strengths, commencing with the Group's COGLA assets.
• Focusing on commercialisation and monetisation of oil and gas
discoveries, and potentially utilising cash flows from initial projects to
fund the acquisition or development of future projects.
• Active asset portfolio management.
• Positioning the Company as a competent partner of choice to maximise
opportunities and value throughout the E&P lifecycle.
Summary results for the 2022 interim financial period
A summary of the key financial results is set out in the table below:
Half year Half Year Half year
Unaudited Unaudited ended
31 Dec 2022 31 Dec 2021 31 Dec 2021
$'000 $'000 $'000
Revenue - - -
Operating expenses (284) (60) (1,021)
Operating loss (284) (60) (1,021)
Finance income 0 0 -
Finance costs (73) (145) (291)
Loss before tax (356) (205) (1,312)
Taxation - - -
Loss for the period (356) (205) (1,312)
Interest
The net interest cost for the Group for the period was $73,000 (2022:
$145,000).
Loss before tax
Loss before tax for the period was $0.3m (2022: $0.2m).
Taxation
Taxation charge was $nil for the period (2022: $nil).
Earnings per share
Basic and diluted earnings per share for the period were 0.42c loss (2022:
0.26c loss).
Financial position
The Group's balance sheet as at 31 December 2022 can be summarised as set out
in the table below:
Assets Liabilities Net assets
$'000 $'000 $'000
Non-current assets 5,619 5,619
Current assets and liabilities 291 (1,326) (1,035)
Loans and provisions - (4,183) (4,183)
Total as at 31 December 2022 5,910 (5,509) (401)
Total as at 30 June 2022 6,020 (5,412) 608
Total as at 31 December 2021 5,965 (5,301) 664
Cash flow
Net cash outflow for 2022 was $1,000 (2022: $1000).
Consolidated Income Statement
For the six months ended 31 December 2022
Notes Half Year Unaudited Audited
Unaudited Half year ended Half year ended
31 Dec 2022 30 Jun 2022 31 Dec 2021
Continuing operations $'000 $'000 $'000
Revenue - - -
Cost of sales - - -
Gross profit - - -
Operating expenses (205) (205) (1,021)
Operating loss (283) (60) (1,021)
Finance income - 5 -
Finance expense (73) (145) (291)
Loss before income tax (356) (205) (1,312)
Taxation - - -
Loss for the period attributable to the owners of the Company (356) (205) (1,312)
Loss per share attributable to owners of the Company
From continuing operations:
Basic & diluted (cents per share) 2 (0.42) (0.26) (1.72)
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2022
Unaudited Unaudited Audited
Half year Half year ended Year ended
ended
31 Dec 2022 30 June 2022 31 Dec 2021
$'000 $'000 $'000
Loss for the period (356) (205) (1,312)
Other comprehensive income
Items that may be subsequently reclassified as profit or loss
Currency translation differences 771 299 (7)
Total comprehensive loss for the year attributable to the owners of the 415 94 (1,319)
Company
Consolidated Balance Sheet
As at 31 December 2022
Notes Unaudited Unaudited Audited
31 Dec 2022 30 Jun 2022 31 Dec 2021
$'000
$'000 $'000
Non-current assets
Property, plant & equipment 4 1,384 1,384 1,385
Intangible assets 5 4,234 4,234 4,234
Total non-current assets 5,618 5,618 5,619
Current assets
Trade and other receivables 301 308 309
Short term investments (11) 93 35
Cash 1 1 2
Total current assets 291 402 346
Total assets 5,910 6,020 5,965
Equity and liabilities
Share capital 3 922 928 979
Share premium 3 4,274 4,302 4,122
Convertible reserve 5,738 5,776 6,022
Reorganisation reserve (6,578) (6,578) (6,578)
Foreign exchange reserve 771 306 134
Share based payment reserve - - -
Retained losses (4,727) (4,126) (4,014)
Total equity 400 609 664
Non-current liabilities
Borrowings 4,183 4,257 -
Total non-current liabilities 4,183 4,257 -
Current liabilities
Borrowings - - 4,256
Trade and other payables 1,326 1,155 1,045
Total current liabilities 1,326 1,155 5,301
Total Equity and Liabilities 5,910 6,020 5,965
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2022
Group Share Share premium Convertible reserve Share based payment reserve Re-organisation reserve Retained Total
Capital Foreign exchange reserve losses Equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 31 December 2021 979 4,122 6,022 - (6,578) 134 (4,014) 664
Loss for the period - - (246) - - - (119) (357)
Currency translation differences - - - - - 172 - 172
Total comprehensive loss for the period - - (246) - - 172 -119 (185)
Share issue - 181 - - - - - 181
Share issue costs (-51) - - - - - - (51)
Balance at 30 June 2022 928 4,302 5,776 - (6,578) 306 (4,125) 609
Gain /(Loss) for the period - - - - - 464 (601) (137)
Currency Translation differences (6) (28) (38) - - - - (72)
Total comprehensive loss for the period - - - - - - (601) (601)
Balance as at 31 December 2022 922 4,274 5,738 - (6,578) 770 (4,727) (400)
Consolidated Cash Flow Statement
For the six months ended 31 December 2022
Unaudited Unaudited Audited
Half year Half year ended Full year ended
ended 30 Jun 2022 31 Dec 2021
31 Dec 2022
$'000 $'000 $'000
Cash flows from operating activities
Loss for the period (356) (205) (1,312)
Adjustment for:
Depreciation - - -
Amortisation - - -
Unrealised foreign exchange - 442 (8)
Write-off - - -
Finance income - - -
Finance costs 73 145 291
Share based payment charge - - 800
Decrease in receivables (6) (2) (1)
Increase in payables 171 844 549
Interest paid - -
Net cash used in operating activities (119) (1,226) (252)
Cash flows from investing activities
Increase in development expenditure - - -
Purchase of property, plant & equipment - - (1)
Short-term investments - - (13)
Net cash used in investing activities - - (14)
Cash flows from financing activities
Shares issued - - -
Repayment of borrowings - - (66)
Proceeds from borrowings 272 274 305
Borrowing costs - -
Net cash generated from financing activities 272 274 239
Net decrease in cash and cash equivalents (1) (1) 1
Cash and cash equivalents brought forward 2 2 1
Exchange gain on cash and cash equivalents - - 1
Cash and cash equivalents carried forward 1 1 2
General Information
The Consolidated Financial Statements of Pennpetro Energy plc ("the Company")
consists of the following companies (together "the Group"):
Pennpetro Energy plc UK registered company
Pennpetro USA Corp US registered company
Nobel Petroleum USA Inc US registered company
Nobel Petroleum LLC US registered company
Pennpetro Greentec Limited Cyprus registered company
Pennpetro Greentec UK Limited UK registered company
Pennpetro Green Energy Limited UK registered company
The Company is a public limited company which is listed on the standard market
of the London Stock Exchange and incorporated and domiciled in England and
Wales. Its registered office address is First Floor, 88 Whitfield Street,
London, W1T 4EZ.
The Group is an oil and gas developer with assets in Texas, United States. The
Company's US-based subsidiaries own a portfolio of leasehold petroleum mineral
interests centred on the City of Gonzalez, in southeast Texas, comprising the
undeveloped central portion of the Gonzales Oil Field.
Responsibility statement
Each of the Directors of the Company confirms that to the best of his or her
knowledge:
a. the condensed set of financial statements has been prepared in
accordance with IAS 34 "Interim Financial Reporting";
b. the half year report includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first six
months and description of principal risks and uncertainties for the remaining
six months of the year);
c. the half year report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein.
Summary of significant accounting policies
Except as described below, the accounting policies applied in these interim
financial statements are the same as those applied in the Group's consolidated
financial statements as at and for the year ended 31 December 2021.
The changes in accounting policy set out below will also be reflected in the
Group's consolidated financial statements for the year ended 31 March 2023, if
any.
1. New standards, interpretations and amendments effective from 1 January
2020
The following IFRS or IFRIC interpretations were effective for the first time
for the financial year beginning 1 January 2020. Their adoption has not had
any material impact on the disclosures or on the amounts reported in these
financial statements:
Standards /interpretations Application
IAS 1 & IAS 8 amendments Definition of Material
IFRS 3 amendments Business Combinations
Amendments to IFRS 9, IAS 39 & IFRS 17 Interest Rate Benchmark Reform
N/A Amendments to References to the Conceptual Framework in IFRS Standards
2. Earnings per share
Basic and diluted
Earnings per share is calculated by dividing the loss attributable to the
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period, excluding ordinary shares purchased by the
Company and held as treasury shares.
Unaudited Half year ended Unaudited Half year ended Audited
Full year
ended
31 Dec 2022 30 Jun 2022 31 Dec 2021
Loss attributable to equity holders of the Company ($'000) (356) (205) (1,312)
Weighted average number of shares in issue 84,285 80,159 76,452
(Number '000)
Earnings per share (cents) (0.42) (0.26) (1.72)
3. Share capital and premium
Ordinary shares Share premium
Group Number of shares Value Value Value Value Total
£ $ £ $ $
At 30 June 2020 76,452,106 764,521 978,643 3,205,516 4,083,322 5,061,965
Foreign currency adjustment - - 784 - 38,378 -
At 31 December 2021 76,452,106 764,521 979,427 3,205,516 4,121,700 5,101,127
Share issue 7,000,000 61,658 76,109 329,175 420,428 425,603
At 30 June 2022 83,452,106 826,179 1,055,536 3,534,691 4,252,128 5,526,730
Share Issue 1,046,983 10,470 12,618 271,132 327,550 340,168
At 31 December 2022 84,499,089 836,649 1,068,154 3,534,691 4,252,128 5,526,730
4. Property, plant and equipment
Cost Petroleum Office Total
(Mineral Leases) Equipment $
$ $
At 30 June 2020 1,363,163 10,889 1,374,052
Additions 21,151 - 21,151
Currency translation - 898 898
At 31 December 2020 1,384,314 11,787 1,396,101
Additions - - -
Currency translation - 99 99
At 30 June 2022 1,384,314 11,886 1,396,200
Additions - - 0
Currency translation - 55 55
As at 31 December 2022 1,384,314 11,941 1,396,255
Accumulated Depreciation and Impairment.
At 30 June 2020 - 10,601 10,601
Charge for the period - 303 303
Currency translation - 883 883
At 31 December 2020 - 11,787 11,787
Charge for the period - - -
Currency translation - 99 99
At 30 June 2021 - 11,886 11,886
Charge for the period - - -
Currency translation - 99 99
At 31 December 2021 - 11,886 11,886
Charge for the period - - -
Currency translation - 99 99
At 30 June 2022 - 11,886 11,886
Charge for the period - - -
Currency translation - 55 55
At 31 December 2022 - 11,941 11,941
Net Book Amount
At 1 January 2020 1,361,163 1,571 1,362,734
At 30 June 2020 1,363,163 288 1,363,451
At 31 December 2021 1,384,314 - 1,384,314
At 30 June 2022 1,384,314 - 1,384,314
At 31 December 2022 1,384,314 - 1,384,314
5. Intangible assets
Cost Drilling Loan arrangement fees Total
costs $ $
$
At 30 June 2020 4,233,890 270,339 4,504,229
Additions - - -
At 31 December 2020 4,233,890 270,339 4,504,229
Additions - - -
At 30 June 2021 4,233,890 270,339 4,504,229
- - -
Additions
At 31 December 2021 4,233,890 270,339 4,504,229
Additions - - -
At 30 June 2022 4,233,890 270,339 4,504,229
Additions - - -
At 31 December 2022 4,233,890 270,339 4,504,229
Amortisation.
At 30 June 2020 - 240,301 240,301
Amortisation charge for the year - 30,038 30,038
At 31 December 2020 - 270,339 270,339
Amortisation charge for the year - - -
At 30 June 2021 - 270,339 270,339
- - -
Amortisation charge for the year
At 31 December 2021 - 270,339 270,339
-
Amortisation charge for the year
At 30 June 2022 270,339 270,339
-
Amortisation charge for the year
At 31 December 2022 270,339 270,339
Net Book Amount
At 30 June 2020 4,233,890 30,038 4,263,928
At 31 December 2020 4,233,890 - 4,233,890
At 30 June 2021 4,233,890 - 4,233,890
At 31 December 2021 4,233,890 - 4,233,890
At 30 June 2022 4,233,890 - 4,233,890
At 31 December 2022 4,233,890 - 4,233,890
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