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1st Jul 2022 7:00 am RNS Delay in publication of Annual Report and Accounts
"Short delay in publication of Annual Report and Accounts
London, 1 July 2022 - Pennpetro, an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA, notifies about a delay in publication of its Annual Report for the year ended 31 December 2021 ("FY21 Results"). The delay reflects the need for the Company and its Auditors to finalise reporting requirements. It is expected that this will be concluded by no later than 8 July 2022.
As 30 June 2022 was the last day permitted for publication of the FY21 Results under the Financial Conduct Authority's (the "FCA") Disclosure Guidance and Transparency Rules and the FCA's Listing Rules, the Company requested the FCA that the trading of the Company's ordinary shares of 1 pence each be temporarily suspended with effect from 07:30am today, 1 July 2022.
Further announcements will be made as and when appropriate."
https://www.lse.co.uk/rns/PPP/delay-in-publication-of-annual-report-and-accounts-d5ver069scyyk2k.html
A delay and suspension of about a week is no big deal, and hardly qualifies as 'ready to perish into a void'!!
Especially as main-listed shares, like PPP, don't have a time limit for suspension, unlike on AIM.
And PPP was not the only share to suspend last week for not meeting the end of June results deadline.
The results expected tomorrow should make it plain just how much is going on here.
And remember that PPP has a £20M. share subscription facility arranged and available, with warrants at 40p each.
Compared to a 2020 loss of under £1M. (US$$1,046,512).
No sure Yuri.
PPP seem to have a drawdown facility in place already.
However, always a plus if a company delivers their accounts on time.
I guess it's just another consistently loss-making zombie company ready to perish into a void?
Good luck to all holders.
?
Sounds like PPP & UPL still have a good working relationship, which is encouraging for finalisation of the Tunisian farm-in by PPP.
And potentially in the very near term too, i.e. by 15th. July.
PPP's final results are due next week, which should provide a fuller update on PPP's progress.
And after them PPP directors will be able to buy PPP shares if they wish.
24th Jun 2022 2:42 pm RNS Clarification re Farm-In, Tunisian Saouaf Licence
Clarification re Proposed Farm-In and Tunisian Saouaf Licence
London, 24 June 2022 - Pennpetro, an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA, would like to clarify the recent RNS statement issued by Upland Resources Limited ("Upland") on 20 June 2022, which caused deep market uncertainty as to the status of its Saouaf permit in Tunisia and specifically as to the intending role of the Company.
Upland sent official apologies to Pennpetro for the unintended consequences caused by the narrative in its announcement, and in his address to Pennpetro's management, Mr. Amin Azal Nasharuddin, a Board director of Upland Resources Limited, confirmed that Pennpetro retains the exclusivity to the Farm-In to the Saouaf Permit until 15 July 2022, while both parties use their best efforts to finalise and execute the Farm-Out Agreement currently in draft form.
As announced on 16 March 2022, Pennpetro, through its wholly owned subsidiary enterprise Nobel Petroleum USA Inc, signed an exclusive Heads of Terms agreement with Upland for a proposed petroleum Farm-In to its Saouaf permit area Tunisia held in joint venture with the Tunisian state oil company, Enterprise Tunisienne d'Activités Pétroliéres.
The Sauoaf permit area hosts 10 gas prospects and leads with up to 15.2 trillion cubic feet gross potential in multiple targets. The risked resource, independently audited by highly respected third-party engineers, is 420 billion cubic feet of gas plus 1.6 million barrels of oil equivalent net to Pennpetro. The Pyrite prospect offers an opportunity to open up an exciting new play in the area.
https://www.lse.co.uk/rns/PPP/clarification-re-farm-in-tunisian-saouaf-licence-bpvmuig0dsym0vb.html