REG - Pennpetro Energy PLC - Limnytskyi licence update

Pennpetro EnergyAnnouncement

03/12/2025 07:00

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RNS Number : 9604J  Pennpetro Energy PLC  03 December 2025

3 December 2025

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Limnytskyi licence update

Pennpetro Energy Plc (LSE: PPP), the company focused on developing strategic
energy projects, announces updates regarding the Limnytskyi oil and gas
exploration licence in western Ukraine, adjacent to the border with the
European Union.

Operational update

Following the announced signing of Heads of Terms on 15(th) October by the
Company to acquire 100% of the Limnytskyi license, held through a Polish
Holding Company, the Company intends to undertake re-analysis of the available
seismic data and complete the required pre-operational environmental and
drilling permitting requirements, road repairs and pad construction, to enable
the re-entry of a historic well by drilling a side-track, to approximately
3,000m. The proximity of this well to an untested fault block, identified by
newer 2D seismic lines, may require an additional sidetrack to test the
presence of hydrocarbons and to further evaluate the licence's prospectivity.

Under the leadership of Mavriky Kalugin, PPP will firm up a plan to maximize
the resource potential with this reentry and apply modern technology to
expedite production and generate cash flow.

This activity, in parallel to the ongoing RTO process, will accelerate the
time to production by many months, meaning that with further funding from RMD
Group available for this purpose, the Company will not have to 'mark time'
whilst the General Meeting and readmission to trading are navigated going
forward.

Pennpetro intends to increase the principal available under the already fully
subscribed £250,000 Convertible Loan Note ("CLN") with RMD Group to fund this
activity. This will increase the value of  the previous CLN by the necessary
investment to complete these works, to be calculated on a monthly basis until
completion.

Update on the General Meeting

Should shareholders not vote in favour of the resolutions on 23(rd) December
to bring the Company into compliance with the conditions precedent of the
existing loan note and creating headroom to allow for conversion of the
 already fully drawn CLN at RMD Group's election then the additional
investment in these works will not be added to the CLN. This will also require
the clarification of all issues involving shares owed but not provided. The
works, assets and equipment will remain the property of the RMD Group and /or
the Polish Holding Company which will continue to drilling and production
alone, until PPP's situation fully satisfies corporate governance guidelines
and Pennpetro is able to pursue the RTO and related funding opportunities to
develop production further.

These additional funds are to be used exclusively to fund the work programme
 requirements of the Limnytskyi oil and gas exploration licence, with RMD
Group advancing  costs "on behalf of PPP" until such time as an extension to
the CLN is acceptable to RMD Group. The Board does not expect the proposed
increase to the CLN to alter the going concern status of PPP, nor will the new
funds provide for additional working capital funding for Pennpetro, being
specifically for operational development as described.

Mavriky Kalugin, Chief Operating Officer of Pennpetro Energy said: "We now
have a finite programme of works to take forward the Limnytskyi licence to
re-appraise well number two, we are due to issue tenders for the workover rig
and key equipment in the coming weeks and will update shareholders once we are
in a position to confirm key equipment availability. This programme will give
us a clearer understanding of the potential value held within the Limnytskyi
area, which is already known to be considerable."

Shareholder call

Following a positive call on the 28(th) November, a second open discussion
sessions with Management will be held on Wednesday 10(th) December at
18.30-19.30 UK time with Mavriky Kalugin and Robert Menzel updating
shareholders on progress regarding Ukraine and Texas and inviting shareholders
to ask their own, relevant, questions, speak directly with members of the
Board and build their understanding of the Company and its strategy moving
forward.

To register for the free-to-join meetings please email ppp@camarco.co.uk and
you will be informed of all future events that you may benefit from
participating in.

 

ENDS

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 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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