REG - Pennpetro Energy PLC - Placing and Corporate Update

Pennpetro EnergyAnnouncement

16/01/2025 07:00

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RNS Number : 5097T  Pennpetro Energy PLC  16 January 2025

16 January 2025

 

 

Pennpetro Energy PLC

("PPP" or "Pennpetro")

Placing and Corporate Update

Further to the announcement of 8 January 2025 and following a number of
significant developments since this date, the Board of Pennpetro Energy PLC
(LSE: PPP) has decided not to proceed at this time with the proposed placing
of up to 8 million new shares in the Company via Dutch Auction (the
"Placing"). In taking this decision the Board was mindful of the obvious need
to ensure that all relevant, current and material information regarding the
Company has been disclosed prior to the closing of any fundraise.

 

A number of these recent developments remain under review by the Board, in
terms of accuracy, validity and their impact on the Company, and certain
additional information is being sought by the Board. However, whilst this
review continues, the Company believes that is in the clear best interest of
all stakeholders for summary details of these developments to be disclosed.

●   In the week beginning January 13 2025, the Board was made aware that
the amount of debt claims against the Company was significantly higher than
had previously been disclosed. In particular, the amount believed to be owed
to US counter-parties has risen to over US600,000 against the previously
disclosed U$300,000. It is uncertain whether or not this is the final extent
of monies owed and investigations in regards to this are ongoing.

●    On 13 January 2025, the Board was informed that PPP's Company
Secretary had received a requisition notice from a shareholder group proposing
certain changes to the Board. The Company is seeking legal advice as to the
validity of the requisition notice and a further announcement will be made in
due course.

●   The Board has been made aware of a filing at Companies House on 7
January 2025 of a Progress Report by liquidators to Resources Bonds 11 Limited
, a bond issued by the Company in 2016 which went into liquidation in January
2023. Inter-alia, this Report makes direct references to 'breaches by the
directors of their statutory and fiduciary duties, leading to various claims
against the directors. Solicitors have been instructed and initial letters
before action have been issued". Whilst the Board is obviously unable to make
any comment on the accuracy or background to these statements, the directors
referred herein are both past and present Directors of the Company.

●   The Board has commenced recovery action in relation to unauthorised
and preference payments that have been identified.

●   The Board can confirm the date for the AGM which has been set for 17
February 2025 at 11.00 in London .

●  Finally, the Company has signed a Non-Disclosure Agreement with a
recently introduced, unconnected, potential investor. Whilst discussion remain
at an early-stage, this party is looking to participate as a cornerstone
shareholder in the Company and to widen the base of PPP's activities within
the oil exploration and production space.

-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 please contact:

 

 Pennpetro Energy PLC: Stephen Lunn, Chairman

                                                stephengarylunn@gmail.com (mailto:stephengarylunn@gmail.com)

 Peterhouse Capital Limited: Company Broker
 Lucy Williams
 Duncan Vasey                                   +44 (0) 20 7469 0930
                                                +44 (0) 20 7220 9797
 Flagstaff Strategic and Investor
 Communications                                 +44 (0) 20 7129 1474
 Tim Thompson                                   pennpetro@flagstaffcomms.com (mailto:pennpetro@flagstaffcomms.com)
 Alison Allfrey
 Anna Probert

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