REG - Pennpetro Energy PLC - Corporate Update

Pennpetro EnergyAnnouncement

28/03/2025 14:15

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RNS Number : 7516C  Pennpetro Energy PLC  28 March 2025

28 March 2025

 

Pennpetro Energy Plc

Corporate Update

 

It was the intention to deliver this overview at the AGM on the 17(th) of
February 2025, however, since the meeting was adjourned, a shortened version
thereof is provided below, as well as updates received by the Company
regarding audit completion and material progress in other areas since my
appointment as CEO in January this year.

It is a privilege to become the Chief Executive Officer of Pennpetro Energy
PLC. I take seriously the responsibility of stabilising the Company, ensuring
new business development, positive cash inflows and ultimately to deliver
growth in shareholder value.

I wish to thank the Board of Directors who have appointed me to lead this
organisation and would like to briefly introduce myself for those who do not
know me. My career has evolved from audit to oil & gas and the financial
services industry. I have dealt with major challenges in less than favourable
and complex environments in Africa and elsewhere. The Company's position in
the American oil and gas market is timely and provides new and interesting
opportunities.

The ultimate success of this Company will only become evident after the
completion of the audit and the resumption of the Company's shares to trading
on the London Stock Exchange. We will then have the opportunity to attract new
investment capital and achieve a higher level of shareholder value by means of
investing in commercial upstream partnerships that show long-term growth and
viability. To this end, we are in continuing dialogue with our auditors and
are able to announce that the audit is progressing and should be on track to
be completed in Q2.

Notwithstanding the situation that has evolved, the Company envisages a
rewarding future for the shareholders and multiple opportunities are under
discussion with contingent funding.

In conclusion, we are focused on the completion of the audit, restoring
trading in the Company's shares and transforming PPP into a well- funded
trading position in the shortest amount of time.

The Board would like to thank shareholders for their support and the Company
looks forward to provide updates in due course.

 

 

 For more information, please contact:

 

 Pennpetro Energy PLC

 Stephen Lunn, Chairman                   stephengarylunn@gmail.com (mailto:stephengarylunn@gmail.com)

 Robert Menzel, Chief Executive Officer   info@pennpetro.co.uk

 Flagstaff Strategic and Investor

 Tim Thompson                             +44 (0)20 7129 1474

 Alison Allfrey                           pennpetro@flagstaffcomms.com (mailto:pennpetro@flagstaffcomms.com)

 Anna Probert

 

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