REG - Pennpetro Energy PLC - Directorate Change

Pennpetro EnergyAnnouncement

28/03/2023 08:00

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RNS Number : 4429U  Pennpetro Energy PLC  28 March 2023

Pennpetro Energy PLC

("Pennpetro" or the "Company")

 

 

Director Change

 

London, 28 March 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil
and gas company focusing on production and development in Gonzales County,
Texas, USA, announces that Mr. David Lenigas has joined the Board as a
Director and Executive Chairman with immediate effect. Mr. Olof Rapp will
remain on the Board as a Non-Executive Independent Director.

 

Mr. Lenigas is a mining engineer with extensive senior corporate experience
across stock exchanges in the UK, Australia, Canada, and South Africa. He has
been Chairman of various petroleum focused exploration and development
companies with operations in Spain, UK, Trinidad and the USA. His corporate
and operational experience will greatly assist the Company as it moves towards
its goals of becoming an oil producer.

 

Tom Evans, Pennpetro's CEO, commented: "We are pleased to welcome someone of
David's calibre and experience to the Board of Pennpetro. He shares our
Board's vision and strategy of becoming an oil producer this year. We are
confident that he will add great value to our dedicated team of petroleum
industry specialists. Lastly, I would like to thank Olof for his chairmanship
during very challenging circumstances for the Company and I am delighted he
has agreed to resume his non- executive director's role during this
transformational period for us."

 

David Lenigas added: "I'm pleased to have joined the Board of Pennpetro, my
only petroleum sector related board position. The Company has a powerful story
to tell as it moves towards drilling its first development wells in Gonzales
County in Texas. The momentum behind the business should grow rapidly. I
believe my experience and skills are a great fit for Pennpetro and I am
excited to play a role in the future growth of the Company."

 

An incentive options package for Mr. Lenigas of three million options
exercisable at 7.5 pence and three million options exercisable at 10p (both
with two-year exercise terms) will be put to shareholders for approval and be
subject to regulatory approvals if required.

 

Presently, Mr. Lenigas is Executive Chairman of Riversgold Ltd and Rincon
Resources Ltd, both listed on the Australian Stock Exchange ("ASX") and an
executive director of Odessa Minerals Ltd, also listed on the ASX. In the
previous five years, Mr. Lenigas has been on the boards of the following
public listed companies: Macarthur Minerals Ltd, Doriemus Plc, Elixxer Ltd,
AfriAg Global Plc, Artemis Resources Ltd, Auroch Minerals Ltd, Southern
Hemisphere Mining Ltd, Clancy Exploration Ltd, Hampton Bay Capital Inc, Future
Farm Technologies, Generation Alpha Inc, and NQ Minerals Plc (in liquidation
2022), Anglo African Agriculture Plc.

 

There is no further information to be declared in accordance with LR 9.6.13.

 

 -ENDS-

 

This announcement contains inside information within the meaning of Article
7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and
(ii) the EU Market Abuse Regulation as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

 

ENQUIRIES:

 

 Pennpetro Energy PLC:

 Tom Evans, CEO                                                                                                   tme@pennpetroenergy.com (mailto:tme@pennpetroenergy.com)
 Brokers:

 Zeus Capital                                                                                                     +44 (0) 207 614 5900

 Simon Johnson

 Peterhouse Capital Limited

 Lucy                                                                                                             +44 (0) 20 7469 0930
 Williams

                                                                                                                +44 (0) 20 7220 9797
 Duncan
 Vasey
 Media and Investor Relations:

 Instinctif
 Partners

                                                                                                                pennpetro@instinctif.com (mailto: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.

 

Further information on the Company can be found at www.pennpetroenergy.co.uk

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