REG - Pennpetro Energy PLC - Potential Return to Production in Texas

Pennpetro EnergyAnnouncement

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RNS Number : 1606Y  Pennpetro Energy PLC  26 March 2026

26 March 2026

 

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Potential Return to Production in Texas

 

Pennpetro Energy plc, the company focused on developing strategic energy
projects, announces that following CEO Mavriky Kalugin's visit to Texas to
undertake an internal review of the Company's assets the Board has taken the
decision to restart production at one of the four wells in Texas subject to
necessary administrative and protective processes, ongoing, being completed.

The expectation is that with proper management this workover should result in
near-term revenues for the Company being generated whilst other projects are
being developed in parallel.

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
balance sheet date.

It is anticipated that subject to any time required for re-negotiation of the
lease, which was allowed to lapse by former management, that work could
potentially begin within a matter of weeks from the date of this announcement,
with production able to start very shortly, thereafter.

The Company will inform shareholders and market immediately once confirmed.
Funding to work over this first impaired well asset has now been agreed with
RMD Group.

Richard Spinks, Executive Chairman said: "The Board have taken the decision to
re-start production on one of the Company's wells in Texas, and to reverse its
impairment if conditions to do so can be achieved. This follows a detailed
internal review resulting in Mavriky reporting to the Board, which assessed
the potential for investment and returns from the Company's interests in Texas
overall and on a well by well basis.

"This is something we have kept under review, and we welcome the opportunity
to generate near-term revenue for Pennpetro. Our interests in Texas do not
divert attention away from Ukraine, or other opportunities we are exploring
but with the strong oil price currently, we felt this decision was in the best
interests of the Company."

 

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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