REG - Pennpetro Energy PLC - Operational update

Pennpetro EnergyAnnouncement

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RNS Number : 1607Y  Pennpetro Energy PLC  26 March 2026

26 March 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Operational update

 

Pennpetro Energy plc, the company focused on developing strategic energy
projects, offers an update on operations in Texas and Ukraine ahead of a
shareholder call this evening (26(th) March).

Strategic restart of Texas operations

The Company is focused on securing a near-term return to positive cashflow and
has authorised the restart of production from the first of the impaired assets
in Texas, the Chalk Talk A-1H well, provided that the necessary and protective
processes are completed.

This may result in a partial or full reversal of the impairment loss for this
asset as reported in prior periods, subject to an assessment to be made at the
balance sheet date.

This move is intended to transform the Company into a cash-generative business
while current global geopolitical landscape creates opportunity for higher
returns on production.

Production is expected to restart at the Chalk Talk A  1H well, and this is
expected to generate near-term revenue and potentially reverse prior
impairment losses. Work is projected to begin shortly, pending ongoing
re-negotiation of a lapsed lease.

RMD Group has confirmed to the Company that funds will be provided to fund the
workover, which will utilise improved technical approaches and management best
practices. Production can be expected to follow shortly after the workover.

Ukraine Progress

The Company is prioritising the Limnytska license in western Ukraine as the
prime, large-scale asset for acquisition, whilst also evaluating other Western
Ukraine licenses to leverage proximity synergies and near-term production. The
Company has made progress in selecting the future operation and subsurface
team with key members already engaged.

A prospectus is under development and will be shared upon completion, whilst
fieldwork in Ukraine is now advanced towards enabling a well re-entry of the
PG-2 well including preparing the drill pad and road access. The Company has
already identified key suppliers and received quotes from service providers,
along with requesting a cost estimate for the acquisition of 3D seismic for
portions of the Limnytska license.

Future opportunity pipeline

The Company continues to conduct due diligence on additional opportunities in
the USA and Canada. All major strategic moves will be fully disclosed to
shareholders when firm information is available.

Shareholder call

A shareholder call with management will take place on 26 March 2026 at
18.30-19.30 UK time. To register for the meeting, please email
ppp@camarco.co.uk.

Mavriky Kalugin, Chief Executive Officer said: "We are delighted that there is
the opportunity to secure near term revenue through re-starting operations in
Texas which is significant. The Limnytska licence is a project shareholders
are familiar with, we are now progressing through the key activities that will
enable us to re-enter an historic well to further prove out this exciting
opportunity. I look forward to sharing more information about the work we have
been doing with shareholders."

 

For further information, contact:

 Pennpetro Energy Plc                       c/o Camarco

 Richard Spinks | Mavriky Kalugin
 Oak Securities - Broker                    +44 (0) 20 3973 2678

 Jerry Keen, Head of Corporate Broking
 Camarco - Financial PR                     +44 (0) 20 3757 4980

 Andrew Turner | Fergus Young               ppp@camarco.co.uk

 

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