REG - Pennpetro Energy PLC - Modifications to Previously announced Placing

Pennpetro EnergyAnnouncement

12/07/2023 15:15

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RNS Number : 8352F  Pennpetro Energy PLC  12 July 2023

 

 

 

 

 

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

 

Modifications to Previously announced £300,000 Placing.

 

London, 12 July 2023 - Pennpetro Energy PLC (LSE: PPP), announces a minor
adjustment to the calculations for the £300,000 placing as announced on 27
June 2023. The Company has now conditionally placed 5,800,000 new ordinary
shares of £0.01 each in the Company (versus 6 millions shares announced
27/06/2023) and 9,200,000 existing ordinary shares of £0.01 each in the
Company (versus 9 million shares as announced 27/07/2023) transferred by
existing shareholders unconnected to any director, (together the "Placing
Shares") at a placing price of 2 pence each (the "Placing Price") to raise
£300,000 (before expenses) (the "Placing"). These numbers are a slight
adjustment to the initially announced 6,000,000 new ordinary shares and
9,000,000 existing ordinary shares announced on 27 June 2023. This amendment
has been occasioned to fall within the Listing Rules.

 

Tom Evans, Pennpetro Energy's CEO, said;

 

"This placing will now be closed tomorrow, and the proceeds from this will
allow Pennpetro Energy to push on with increasing its stake in the Whistling
Straits 5H well from a 25% working interest ("WI") to a 100% WI with 75% net
revenue interest ("NRI") and to assume operatorship of the well as taking 100%
ownership of an additional 2,036.38 acres of oil leases in Gonzales County in
Texas. This deal, which should close shortly, will give PPP a 100% interest in
3 wells. Further updates on Pennpetro plans to bring 3 x 100% owned wells into
production in Texas will be made in the coming days when the transaction is
closed with Millennium."

 

Completion of the new Placing Shares:

 

Completion of the Placing is conditional on, inter alia:

 

5,800,000 ordinary shares of £0.01par value of the total number of 15,000,000 Placing Shares, being admitted to listing on the Official List (standard listing segment) and to trading on the London Stock Exchange's main market for listed securities ("Admission") on or before 13(th) July 2023 (or such later date as may be agreed by the Company and the placing agent).

 

Admission, Settlement and Dealings in new Placing Shares:

 

An application has been made to the FCA and to the London Stock Exchange
Admission in respect of those 5,800,000 new ordinary shares of £0.01 par
value of out of the total number of Placing Shares proposed to be issued on
completion of the Placing. It is expected that Admission will become
effective, and that dealings in such shares are expected to commence, at 8.00
a.m. on 13(th) July 2023.

 

The rights attaching to the new Placing Shares will be uniform in all respects
and all of the new Placing Shares will rank pari passu, and form a single
class for all purposes with, the existing issued shares of £0.01 value in the
Company.

 

Total Voting Rights

 

Following Placement, the Company will have 100,299,081 ordinary shares of
£0.01 par value in issue, each with one vote per share. The total number of
voting rights in the Company is therefore increased by 5,800,000 to
100,299,081. This figure of 100,299,081 may be used by shareholders in the
Company as the denominator for calculations to determine if they have a
notifiable interest in the share capital of the Company under the Disclosure
Guidance and Transparency Rules, or if such interest has changed.

 

 

 

 

 

 

 

 

 

 
-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.

 

For further information visit www.pennpetroenergy.co.uk
(http://www.pennpetroenergy.co.uk) or follow us on twitter @pennpetro or
contact:

 

 Pennpetro Energy PLC:

 Tom Evans, CEO                                                                            tme@pennpetroenergy.com

 Brokers:                                                                                  +44 (0) 207 614 5900

 Zeus Capital

 Simon Johnson

 Peterhouse Capital Limited

 Lucy                                                                                      +44 (0) 20 7469 0930
 Williams

                                                                                           +44 (0) 20 7220 9797

 Duncan Vasey

                                                                                           +44(0) 207 129 1474

 Flagstaff Strategic and Investor Communications                                           pennpetro@flagstaffcomms.com

 Tim Thompson

 Alison Allfrey

 Anna
 Probert

 

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.

 

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