REG - Pennpetro Energy PLC - Publication of Annual Report and Accounts
20/10/2023 08:30
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RNS Number : 7962Q Pennpetro Energy PLC 20 October 2023
Pennpetro Energy PLC
("Pennpetro" or the "Company")
Publication of Annual Report and Accounts for 15 month period ending 31 March
2023
London, 20th October 2023 - Pennpetro, an independent oil and gas company
focusing on production in the Gonzales Oil Field in Texas, USA, today
announces that it has published its Annual report and Financial Statements for
the 15 month period ending 31 March 2023.
Chairman's Statement
Dear Shareholders,
I am pleased to present the annual results for Pennpetro Energy Plc
("Pennpetro") for the period ended 31 March 2023, as the new Executive
Chairman, replacing Olof Rapp who has held the position on an interim basis
since the departure of Keith Edelman. and I thank them both from their support
of the Company.
We have changed the year end this year for the publishing of our Annual Report
from a 31 December year end date to 31 March year end date so that all of our
subsidiary companies reported on the same date.
As reported last year after selling oil commercially for only one month from
our initial well (COG #1) in the Gonzales field in Texas, as the world went
into lockdown, we suspended all operations and activities in Texas, in line
with the requests of the US Government and Texas State Legislators. The
re-opening of the COG #1 well will be a priority for us this coming year.
Covid put the Company into a difficult position, however I'm please to now
report that post the last two capital raises in April 2023 and July 2023
totalling £1.8m (gross), Pennpetro is in a much stronger financially position
and is now back operating in Texas and is planning a very busy oil production
year ahead.
During the reporting period the Company investigated expanding its operative
horizons outside of Texas by initially agreeing to farm into the onshore
Tunisian assets held by Upland Resources Limited. We outlined this
expansionary activity through our RNS which we announced to the LSE on the 21
July 2022. Upon both Tom Evans and Andy Clifford, the President of our
subsidiary company Nobel Petroleum USA Inc., who had been contracted as the
Operator, visiting Tunisia and engaging with the relevant Tunisian Government
authorities, it was evident that there were certain outstanding issues that
Upland had failed to deliver upon resulting in the decision of Pennpetro to
terminating the farm-in.
Texas has always been a Pennpetro focus and during the period the Company
signed a Participation, Development and Option Agreement with Millennium
PetroCapital Corporation in March 2023 regarding certain of their operational
assets located adjacent to our own Gonzales areas. The active area comprises
250,000 acres being the Area of Mutual Interest. This Agreement has been
subsequently expanded upon with Pennpetro taking full ownership of the Chalk
Talk #1H, Chalk Talk #4 and Chalk Talk #3H (including Whistling Straits #5H
sidetrack) wells, as announced on from 27 June 2023.
Additionally, and in a very exciting development for the Company, we also
executed on 28 March 2023 a farm-in agreement with UKOG Limited and Horse Hill
Developments Limited, both subsidiaries of UK Oil & Gas Plc, to drill the
next infill oil production well at Horse Hill Oil Field - the Horse Hill 3
well. This field, just to the north of London's Gatwick Airport, continues to
produce 35° to 41° degree API sweet quality oil from the discovery well, and
according to UKOG, the HH-1 well production to mid-March 2023 totalled over
185,000 barrels. Pennpetro must undertake a new 3D seismic programme over
Horse Hill as a prerequisite to drilling HH-3. The farm-in agreement is not
yet unconditional, but Pennpetro is hopeful that the Horse Hill Development
partners will sanction the Pennpetro involvement.
During the reporting period, the Company expanded its capital base by the
placement of 1,166,667 ordinary new shares to raise £350,000 (gross) during
March 2022 for additional working capital purposes, and the appointment of
Peterhouse Capital Limited as our corporate broker. We also agreed the
appointment of Zeus Partners as joint broker and financial advisor.
Since the period end, the Company raised £1.5 million (gross) with the issue
of 10,000,000 new shares together with support from existing shareholders as
to their contributing shares. This financing closed on 11 April 2023.
This financing was followed by a further raise for £300,000 in May 2023 with
the issuance of 5,800,000 new shares and again with the support from existing
shareholders. The Company also has access to a $20 million financing facility,
signed in May 2021, which remains undrawn.
Pennpetro has a lot to get on with operationally this year. Ideally, we would
like to see at all of the Chalk Talk 1 and 4 wells, Chalk Talk #3H well
(including the Whistling Straits #5 sidetrack) and City of Gonzales (COG #1)
wells contributing to the Company's cashflow between now and the end of 2023.
We see a lot of expansion potential for oil production in Texas on top of our
existing well portfolio and will endeavour to pursue low-cost oil production
as we move forward.
The past few years have been more than challenging for Pennpetro. Tom Evans
and his team have done a remarkable job in keeping the Company alive through
very difficult circumstances and I thank them for their herculean efforts in
doing so. I would also like to thank our valued shareholders, partners and
contractors for their assistance over the past few years. Here's looking
forward to a much more fruitful 2023. Success if all about oil production and
we now have at least 4 wells to bring on line in Texas and potentially a very
exciting opportunity of drilling the next Horse Hill production well in the
UK.
David Lenigas Executive Chairman
18 October 2023
Executive Director's Statement
The reporting period for 15 months to the 31 March 2023 saw no oil production
from Gonzales County in Texas. Our COG #1 well was shut in due to Covid
related shut downs as per US Government instructions. Production had not been
restarted by the end of the period, but plans are being put in place to look
at putting COG #1 back into production by the end of Calendar Year 2023.
On the 16 March 2023 Pennpetro announced that its wholly owned subsidiary,
Nobel Petroleum USA Inc. ("Nobel") has reached an important milestone towards
becoming an oil producer again with the execution of the Participation,
Development and Option Agreement and Joint Operating Agreement with Millennium
PetroCapital Corporation ("Millennium") for a proposed 250,000 acre (1,011
square kilometres) Area of Mutual Interest ("AMI") petroleum joint venture in
Gonzales County, Texas. That announcement followed the earlier RNS, dated 10
October 2022, announcing the signing of the initial heads of terms agreement
with Millennium.
On 28 March 2023, just prior to the end of the reporting period, the Company
made a number of very significant announcements. These included a fresh
financing for £1.5 million (gross), the commitment to participate with
Millennium in the Whistling Straits #5H sidetrack well off the Chalk Talk #3H
well and the appointment of Mr David Lenigas as the Company's new Executive
Chairman.
By the 14 April 2023, the well has been drilled to 10,195 feet MD with a
7,632.22 feet true vertical depth ("TVD") having reached our target and
penetrated the crestal portion of the microfracture swarm. It was reported
that oil shows were seen on the rig's skimmer tanks from 8,120 feet over
numerous extended intervals with gas flares registering between 129-226 units
of gas including C1 through ti C4.
At that time, Nobel was paying 33.33% of the cost to drill and complete this
joint development well connected to the storage tanks for a net 25% working
interest (18.75% net revenue interest) as well as a prospect fee which covers
sunk costs relating to leasing, land, legal, 3D seismic licensing, geological
and geophysical analysis.
Millennium, the Whistling Straits #5H well operator attempted to flow the well
with a JET pump and the partners decided that this pump was unsuitable for
this well and a down hole ESP pump would be better suited.
On 27 June 2023, Nobel Petroleum USA Inc. ("Nobel") signed a series of
agreements with Millennium PetroCapital Corporation ("Millennium") to increase
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 with immediate effect in addition to 2,036.38 acres of oil leases.
Nobel also has the exclusive right to acquire a 100% WI in two nearby Chalk
Talk wells (Chalk Talk #1H and Chalk Talk #4H) for no additional costs, if
Nobel determines that production can be restored to one or both wells within a
90 day evaluation period. In August 2023, Nobel exercised its rights to buy
100% of Chalk Talk #1H and #4H. Initial production rates typically range from
100- 400 barrels of oil per day ("bopd"), based on unfracked analog wells
within the Austin Chalk Play for new wells. The Chalk Talk #1H well has
previously produced 55,000 barrels of oil between June 2020 and July 2022
while the Chalk Talk #4H well produced 6,400 barrels of oil between June 2021
and November 2021. Both wells were producing at rates of approximately 15-20
bopd prior to being shut-in and Nobel hopes to restore production to similar
levels or better after a thorough evaluation and contingent upon a well
workover.
The Company plans to bring on oil production from Chalk Talk #1H, Chalk Talk
#3H (Whistling Straights #5H sidetrack) and COG #1 wells during 2023.
Going back to our City of Gonzales operations, our focus during the latter
part of 2021 and 2022 was to continue to develop our proven reserve base at
our licences in Gonzales, which had been previously curtailed by Covid-19 and
the ensuing pandemic conditions imposed across all of the United States.
According to the Group's Competent Person's Report ("CPR"), prepared in
December 2017, Pennpetro had a Working Interest in 2,000 Mbbl of oil and 1,000
MMcf of gas across its Gonzales leases. On 6 August 2019, Nobel increased its
working interest in the portfolio of petroleum interests from 75% to 100%,
thereby its Working Interest is now over 4,000 MBBL (4 millions barrels) of
oil and 2,000 MMcf (2 Bcf) of gas resulting in a substantive uplift in our
valuation metric.
Tunisia
In July 2022 the Company farmed into the prospective onshore Saouaf petroleum
permit in Tunisia held by Upland Resources Limited. Unfortunately, post a
visit by myself and Andy Clifford to Tunisia and engaging with the relevant
Tunisian Government authorities, it was not possible to continue with this
project due to substantive unresolved Upland Resources limited issues
regarding the veracity of the permit. We elected to terminate our engagement
in November. However, Tunisia is an area to which we may well return in the
future as we have built excellent relationships within the country, which has
an attractive suite of under-explored and under-developed opportunities.
United Kingdom - Horse Hill
On the United Kingdom domestic front, it was announced on 28 March 2023 that
the Company had signed an agreement with UKOG Limited and Horse Hill
Developments Limited both subsidiaries of UK Oil & Gas Plc to farm-in and
drill the next infill oil production well at the Horse Hill Oil Field located
about 2 km north of Gatwick Airport. The Agreement covers Horse Hill and its
surrounding licences covering an aggregate area of 142.9 square kilometres.
The drilling of a new crestal infill, designated Horse Hill-3, will be
undertaken post completion of a high-definition 3D seismic survey. We will
receive a direct licence interest of 49% inclusive production. UKOG advised in
mid-March that continuing commitments and financing costs remain low,
manageable and flexible. The farm-in agreement is not yet unconditional.
Corporate
Pennpetro's Board currently comprises four Directors, who collectively have
extensive international experience and a proven track record in investment,
corporate finance and business acquisition, operation and development and are
well placed to implement the Company's business objectives and strategy highly
active plays. The appointment of Andy Clifford in April 2020, a highly
seasoned and experienced oil professional as the President of the Company's
operational subsidiary Nobel Petroleum USA, Inc., together with the recent
appointment of David Lenigas as our new Executive Chairman, emphasises the
Company's dedication to its forward development profile.
Outlook
In line with our strategy, all our operations are in highly active plays where
the economics of drilling and producing remain attractive at sub-US$30 oil
prices. With this aim we are taking advantage of the prior industry downturn
to accelerate the positioning of our South Texas leasehold position in favour
of the Austin Chalks and Eagleford Shales. With a strategic foothold in these
prolific, low- cost plays established and a proven management team in place,
we will look to further expand our position in this US onshore sweet spot, as
and when management considers it most advantageous to do so.
For 2022 and early 2023, our main objectives were to exit the prior pandemic
issues and to build upon the initiative that commenced with the completion of
our initial well, COG#1-H, and to further acquire additional land leases.
Finally, I would like to thank the Board, management team and all our advisers
for their hard work over the last fifteen months and also to our shareholders
for their continued support.
Thomas Evans Executive Director
18 October 2023
Operations Report
Summary
Nobel Petroleum USA, Inc., has operational teams on the ground working from
its offices in Houston. During the period, one new horizontal well in which
the Group has an interest commenced completion activity. The Group was
planning to initiate an encompassing 3D seismic survey in 2020 with Dawson
Geophysical Company to complement its comprehensive well logs geological
analysis, together with an enhanced programme of additional new petroleum
leasing contiguous to the area, with proposed planning to provide a further
number of permitted drilling locations by year end. However, the onset of
COVID-19 curtailed these plans.
In addition, the Company's subsidiary, Pennpetro USA Corp, Inc., through its
highly regarded Houston based technical teams, has continued to examine a
number of asset opportunities encompassing producing hydrocarbons with
offsetting strategic leasehold interests capable of both additional infill and
expansionary drilling locations. These activities are completed through the
Company's operational enterprise, Nobel Petroleum USA, Inc.
As reported on in the Operations report in the previous section, we have
acquired 100% ownership and become operator to the recently drilled Whistling
Straights #5 well in Gonzales country Texas, together with the acquisition and
assumption of the operatorship of the Chalk Talk #1-H and #4-H wells, again
both in Gonzales County, Texas. We will be reverting to the ongoing
development of the COG assets once we have completion of the newly acquired
assets from Millennium PetroCapital Corporation.
SOUTH TEXAS
The Company, through its indirect wholly owned subsidiary, Nobel Petroleum
USA, Inc., holds interests in acreage within active oil and gas plays within
the County of Gonzales, State of Texas: The Austin Chalk, and Eagleford Shale
horizontal development and vertical development of the Buda formation. Nobel
Petroleum USA, Inc. has observed an increase in the value of its interests
within its project acreage, due in part to uplifting its active equity
interests and increased consolidation of its acreage positions, together with
the continued operational successes to the immediate south of its operational
area.
Of particular interest is the recent drilling being undertaken to the southern
edge of the Nobel operational area by the Millennium Group, who have averaged
over 400 bpd of oil.
Austin Chalk
The play covers an extensive area with over a million acres yet to be
developed and runs all the way from the Pearsale Field south of Gonzales to
the giant Giddings Oil Field, the largest oilfield found in Texas in the past
50 years to the north of Gonzales, and further north onto the North Rayou Jack
Field. Recently, this play has extended into western Louisiana with a number
of major players including EOR Resources and Marathon acquiring strong acreage
positions. The Austin Chalk overlays the oil rich Eagleford Shale, with both
formations capable of interacting with each other, and is a low permeability
fractured reservoir that has been the target for horizontal drilling since the
mid-1980s and consists of interbedded chalks, volcanic ash, and marls. It is
located at drill depths from 7,000 to 8,000 feet. It can be a liquids-rich
play, yielding high volumes of oil and condensate. Initial production rates
can range over 1,000 bopd with ultimate reserves exceeding 500 MBO per well.
Eagleford Shale
The Eagleford continues to prove itself as a world-class crude oil formation
having produced in excess of 2.9 billion barrels of crude oil and condensate.
This play is classified as a petroleum system in that it is a self-sourced
reservoir with seals. Migration of Eagleford hydrocarbons was primarily along
bedding planes during the expulsion phase. Absent of traps, hydrocarbons
migrated up-dip or north where vertical natural fractures were encountered.
These natural fractures were associated with the regional fault trends. Here,
the hydrocarbons migrated into the extensively fractured Austin Chalk. Initial
production rates with laterals can exceed 1,000 bopd.
Buda Formation
The Buda is a biomicritic limestone lying below the Eagleford Shale and above
the Del Rio Shale. There has been an increase in the focus on, and the
development of, the Buda formation by a number of US operators in South Texas,
with a number of horizontal wells having been completed. It is a development
we are following closely.
As previously identified, while the Buda has always been acknowledged as a
resource play in South Texas, it sits at the bottom of our drilling prognosis,
as it can be drilled as a separate vertical completion and added to our
overall horizontal programme. Furthermore, its unit spacing can be brought
significantly down to 40 acres, thereby fulfilling a separate in-fill
operation alongside our horizontal drilling focus.
Thomas Evans Executive Director
18 October 2023
Financial Report
The financial results for the group for the 15 Months ended 31 March 2023 are
presented below:
The financial results for the 15 Months ended 31 March 2023 show a loss after
tax of $318,902 (2021: loss $1,311,707).
The majority of the cost contributing to the Group's loss for the year
included legal and professional fees, loan arrangement fees, directors'
emoluments and interest charges, which were in line with the Board's
expectations. This has been partially offset by a gain on loan modification of
$497,939.
The Group's borrowings at 31 March 2023 were $4,018,369 (2021: $4,256,262). In
addition, as reported in the prior year, the repayment date for the loan
facility with Petroquest Energy Limited was extended a further year to 31
December 2024.
The Group had cash balances at 31 March 2023 of $46,792 (2021: $1,828) and
short-term investments of $82,224 (2021: $34,914). The year-on-year movement
in cash and short-term investments was primarily a result of cash raised from
equity issues less cash used in operating activities and development
expenditure.
As at 31 March 2023, the Group had $878,000 (2021 $878,000) still available to
draw under its loan facility of $5m with Petroquest Energy Limited.
In addition, the Group had a receivables balance at 31 March 2023 of $315,299
(2021: $309,456).
$100,000 was capitalised during the year to property, plant and equipment in
connection with the Millennium Petrocapital Corporation Participation,
Development and Option Agreement. As at 31 March 2023, total property, plant
and equipment held by the Group was $1,484,931 (2021:
$1,384,931).
The cumulative drilling-related expenditure capitalised in intangible assets
remained at $4,233,890 at 31 March 2023 (2021: $4,233,890).
Thomas Evans Executive Director 18 October 2023
The annual report and financial statements for the 15 month Period 31 March
2023 are available to download on the Company's website at
www.pennpetroenergy.co.uk (http://www.pennpetroenergy.co.uk) . Some extracts
from the report and Accounts are shared below:
For further information visit www.pennpetroenergy.co.uk
(http://www.pennpetroenergy.co.uk/) or follow us on twitter @pennpetro or
contact:
Pennpetro Energy PLC: tme@pennpetroenergy.com (mailto:tme@pennpetroenergy.com)
Tom Evans, CEO
+44 (0) 7881825378
David Lenigas, Chairman lenigas@monaco-capital.com
Brokers: +44 (0) 207 614 5900
Zeus Capital
Simon Johnson
Peterhouse Capital Limited +44 (0) 20 7469 0930
Lucy Williams +44 (0) 20 7220 9797
Duncan Vasey
+44(0) 207 129 1474
pennpetro@flagstaffcomms.com
Flagstaff Strategic and Investor Communications
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 100% Working
Interest in 2,036.38 acres in Gonzales County in Texas. These acres include
the Whistling Straits #5 well and the Chalk Talk #1H and #4H wells. Noble also
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.Further information on the Company can be found
at www.pennpetroenergy.co.uk (http://www.pennpetroenergy.co.uk)
IMPORTANT NOTICE - FORWARD-LOOKING STATEMENTS
This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "projects", "anticipates", "expects",
"intends", "may", "will" or "should" or, in each case, their negative or other
variations or comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts and involve
predictions. Forward-looking statements may and often do differ materially
from actual results. In addition, even if results or developments are
consistent with the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or developments
in subsequent periods. Any forward-looking statements reflect the Group's
current view with respect to future events and are subject to risks relating
to future events and other risks, uncertainties and assumptions relating to
the Group's business, results of operations, financial position, liquidity,
prospects, growth or strategies and the industry in which it operates.
Forward-looking statements speak only as of the date they are made and cannot
be relied upon as a guide to future performance.
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the 15-months ended 31 March 2023
15 Month Year ended 31 December
Note ended 31 2021
March 2023
$ $
Continuing Operations
Revenue - -
Administrative expenses (556,494) (1,021,046)
6
Operating Loss (556,494) (1,021,046)
Gain on loan modification 497,939 -
20
Finance costs (260,347) (290,661)
9
Loss before Tax (318,902) (1,311,707)
Income tax - -
10
Loss for the year attributable to owners of the parent (318,902) (1,311,707)
Other Comprehensive Income:
Items that may be reclassified subsequently
to profit or loss
Currency translation differences 50,127 (6,838)
Other Comprehensive Income for the Year 50,127 (6,838)
Total Comprehensive Income for the Year attributable to the owners of the (268,775) (1,318,545)
parent
Loss per share attributable to the owners of
the parent during the year
Basic (cents per share) 11 (0.39) (1.72)
Diluted (cents per share) (0.39) (1.72)
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the 15-month ended 31 March 2023
Note 31 March 31 December
2023 2021
$ $
ASSETS
Non-Current Assets
Property, plant and equipment 12 1,484,931 1,384,931
Intangible assets 13 4,233,890 4,233,890
Total Non-Current Assets 5,718,821 5,618,821
Current Assets
Trade and other receivables 15 315,299 309,456
Short term investments 16 82,224 34,914
Cash and cash equivalents 17 46,792 1,828
Total Current Assets 444,315 346,198
TOTAL ASSETS 6,163,136 5,965,019
EQUITY AND LIABILITIES
Equity Attributable to Owners of Parent
Share capital 18 1,079,101 979,427
Share premium 18 6,610,719 4,121,700
Convertible reserve 4,172,846 6,021,575
Reorganisation reserve (6,578,229) (6,578,229)
Foreign exchange reserve 226,110 133,619
Retained losses (4,332,766) (4,013,864)
Total Equity 1,177,781 664,228
Current Liabilities
Trade and other payables 21 966,986 1,044,529
Borrowings 20 - 4,256,262
Total Current Liabilities 966,986 5,300,791
Non- Current Liabilities
Borrowings 20 4,018,369 -
Total Non-Current Liabilities 4,018,369 -
TOTAL EQUITY AND LIABILITIES 6,163,136 5,965,019
PENNPETRO ENERGY PLC
COMPANY STATEMENT OF FINANCIAL POSITION
For the 15-months ended 31 March 2023
Note 31 March 31 December
2023 2021
$ $
ASSETS
Non-Current Assets
Investments in subsidiaries 14 6,440,980 7,038,631
Property, plant and equipment 12 - -
Total Non-Current Assets 6,440,980 7,038,631
Current Assets
Trade and other receivables 15 2,957,318 3,093,418
Short term investments 16 82,224 34,914
Cash and cash equivalents 17 - -
Total Current Assets 3,039,542 3,128,332
TOTAL ASSETS 9,480,522 10,166,963
EQUITY AND LIABILITIES
Equity Attributable to Shareholders
Share capital 18 1,079,101 979,427
Share premium 18 6,610,719 4,121,700
Convertible reserve 4,172,846 6,021,575
Foreign exchange reserve (334,293) 575,249
Retained losses (3,406,463) (2,866,030)
Total Equity 8,121,910 8,831,921
Current Liabilities
Trade and other payables 21 1,358,612 1,335,042
Total Current Liabilities 1,358,612 1,335,042
TOTAL EQUITY AND LIABILITIES 9,480,522 10,166,963
The Company has elected to take the exemption under Section 408 of the
Companies Act 2006 from presenting the parent company Statement of
Comprehensive Income. The loss for the parent company for the period was
$540,433 (2021: $991,451).
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the 15-month period ended 31 March 2023
15 Months Year ended
ended 31 31 December
March 2023 2021
$ $
Cash Flows from Operating Activities
Loss before tax (318.902) (1,311,707)
Foreign exchange 778 (8,078)
Result on loan amendment (497,939) -
Finance costs 260,347 290,661
Share base payment charge - 229,224
(555,716) (799,900)
Changes to working capital
Increase in trade and other receivables (5,843) (511)
Increase in trade and other payables 171,667 548,671
Cash used in operations (389,892) (251,740)
Interest paid - -
Net Cash used in Operating Activities (389,892) (251,740)
Cash Flows from Investing Activities
Purchases of property, plant and equipment (100,000) (617)
(Increase)/ decrease of short-term investments (47,310) 14,238
Net Cash (used in)/ generated from Investing Activities (147,310) 13,621
Cash Flows from Financing Activities
Loan repaid - (65,938)
Proceeds from issues of ordinary shares 582,166 -
Advances received from borrowings - 304,556
582,166 238,618
44,964 499
1,828 1,329
46,792 1,828
Net Cash generated from Financing
Activities
Net Increase in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the period
Cash and Cash Equivalents at the End of the Period
Non-cash transactions (refer note 18)
Share issue 30 March 2022 - partial exercise of convertible loan for
equivalent proceeds of $1,848,729 Share issue July 2022 - settlement of
liability through shares for total of $330,267
Share issue November 2022 - settlement of liability through shares for total
of $18,533
The notes on pages 42 to 68 form part of these financial statements.
PENNPETRO ENERGY PLC
COMPANY STATEMENT OF CASH FLOWS
For the 15 month period ended 31 March 2023
15 Months Year ended 31 December
period 31 2021
March 2023 $
$
Cash Flows from Operating Activities
Loss before tax (540,433) (991,451)
Share based payments - 229,224
Unrealised foreign exchange 2,496 (6,838)
(537,937) (769,065)
Changes to working capital
Increase in trade and other receivables (134,753) (31,306)
Increase in trade and other payables 137,834 786,133
Cash used in operations (534,856) (14,238)
Net cash used in Operating Activities (534,856) (14,238)
Cash Flows from Investing Activities (47,310) 14,238
(Increase)/ decrease of short-term investments
Net Cash used in Investing Activities (47,310) 14,238
Cash Flows from Financing Activities 582,166 -
Proceeds from issue of ordinary shares
Net Cash generated from Financing Activities 582,166 -
Net movement in Cash and Cash Equivalents - -
Cash and cash equivalents at the beginning of the - -
year
Net Decrease in cash and cash equivalents - -
Cash and Cash Equivalents at the End of theYear
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. END FR NKKBQABDKOKBRecent news on Pennpetro Energy
See all newsREG - Pennpetro Energy PLC - Corporate Update
AnnouncementREG - Pennpetro Energy PLC - Adjournment of Annual General Meeting
AnnouncementREG - Pennpetro Energy PLC - Adjournment of AGM
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AnnouncementREG - Pennpetro Energy PLC - Notice of Annual General Meeting
Announcement