REG - Pennpetro Energy PLC - Year End Accounts Update

Pennpetro EnergyAnnouncement

28/10/2024 12:30

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RNS Number : 8985J  Pennpetro Energy PLC  28 October 2024

Pennpetro Energy PLC

("Pennpetro" or the "Company")

 

 

Pennpetro Year End Accounts Update

 

 

London, 28 October 2024 - Pennpetro Energy PLC (LSE: PPP) advises that it has
now recovered the key missing accounting information required to complete the
Company's accounts for the Full Year ending 31 March 2024.

 

Tom Evans. Pennpetro's CEO says; "Frustratingly, the sudden death of Mr Anton
Tarkanyi earlier this year really did put undue delays on Pennpetro getting
its year end accounts completed and audited in time to avoid the suspension of
trading of its shares on the LSE. Mr Tarkanyi was the financial controller for
the PPP Group and his sudden passing blocked all access to our UK banking
statements. With the extraordinary efforts of Mr Stephen Lunn, our new
director, we have now today received the missing bank statements primarily
needed to complete our accounts for the 2023/24 year end. The Company are now
working closely with our accounts team and our auditors to have the PPP
accounts completed and published as soon as possible. The entire board are
mindful of the growing frustration of our shareholders on this matter, but I'm
pleased to say that we can now see a definitive path forward to getting back
on track to having our shares trading again. I can't put an exact time on when
we expect the audit to be completed and the accounts to be published, but I
can say we are all working hard on getting it sorted as soon as we can now
that we are armed with all the information we need."

 

"With respect to an update on Texan oil operations, a separate news release on
this specific topic will be made when the rig arrives on site. Our partners
there have been going through the arduous process of changing operatorships
with the Texas authorities and changing banking mechanisms, but we are hopeful
to see them on the ground within weeks."

 

 

There is no further information to be declared in accordance with LR 9.6.13.

 

 -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.

 

 

ENQUIRIES:

 

For further information contact the Company.

 

 Pennpetro Energy PLC:                                                                                            tme@pennpetroenergy.co.uk

 Tom Evans, CEO

 David Lenigas, Chairman                                                                                          lenigas@monaco-capital.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) 20 7129 1474
 Flagstaff Strategic and Investor Communications

                                                                                                                pennpetro@flagstaffcomms.com
 Tim Thompson

 Alison Allfrey

 Anna
 Probert

 

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