Pennpetro Energy Share Chat (PPP)

@Rob you know nothing of the sort.

Neither do the people saying they are completed!!! Geez 🙄

Let’s just agree that no one in here knows nothing.

Post of the Month

"Let’s just agree that no one in here knows nothing."

But it won't stop the endless (pointless) speculation by people on both sides of this.....

I agree about not knowing, I thing none of us know anything here, stop trying to play the expert.

Rob 55 ,, and uncle ... the fact is we all know the accounts are completed ... Its fact that it does not take 30 days to update and publish accounts ..

So I am of the opinion that Tom has something big up his sleeve ... and is waiting for confirmation so he can drop a big one ... he owns 5 millions shares .... he wants security ... we all do ...

Tom knows this is the one chance he can get a serious re rate in the moment .. fermo , the day of re lsiting ..

Tiger, how do you know the accounts are done?

WHEN they are done they need an auditor to sign them off, that's a fact.

We all want this to relist which is understandable but making up a fact that you don't know is true is not going to relist this any quicker... relax and news will come when the company is ready to tell us.

GLA and enjoy this lovely weather.

"Rob 55 ,, and uncle ... the fact is we all know the accounts are completed ... Its fact that it does not take 30 days to update and publish accounts .."

Last year, the reports were submitted three months late, and the duration it takes to complete them varies based on the circumstances at the time. Considering the period they cover, there are several months before the deadline to finalize the accounts. I firmly believe they are late because they must demonstrate 'going concern' status, and until that is resolved, the suspension will remain in place.

It's hard to believe people are still lingering here, debating endlessly. Nothing will change until the RNS is released, confirming the accounts have been submitted and the suspension is lifted. So, it's better to find something more engaging to do and, like me, check back in once a month.

See you in October dick weed.

Asimpleinvestor nothing is fact and u know nothing, stop trying to come across like u are the mighty all knowing… Saying its fact that they have been done is just a complete lie.

I wonder who posted this last week referring to the accounts:

"I know for a fact they have not been completed."

Rob you are a complete hypocrite!

None of us know for sure exactly what the state of play is we just have to wait for the company to formally announce news.

If they were completed suspension would be lifted. Buy u are correct that we don’t know for sure of anything.

Anyway pointless speculating, this thread should be deleted.

"Asimpleinvestor nothing is fact and u know nothing, stop trying to come across like u are the mighty all knowing… Saying its fact that they have been done is just a complete lie."

Rob-50 I believe you're confusing posters. If I have stated the accounts have been completed maybe you can direct me to that post. What I have stated in reply to the quoted post is that my suspicion is they're having difficulties backing up 'going concern' status which is a pre-requisite to trade on the stock exchange. If, they had been completed they would have a fiduciary duty to publish them immediately otherwise they would be in breach of the Companies Act 2006 and the Market Abuse Regulations.

Hi Simpleinvestor. To follow through on your logic (if I maybe so bold) it would therefore appear that the two recent small placings (apart from the working capital case) were also about giving the regulators reassurance of PPP’s financial robustness. Additionally it was very coincidental that both Global and accounts submission deadline were both on the same day. On a positive note apart from the future revenue streams the deal should secure from a purely financial perspective the writing off of the Texas debt liabilities will also negate any going concern issues. GLA

I should also add the as PPP have delegated secretarial and accounting responsibilities to Westend sound advice as to the best way to navigate any regulatory roadblocks will have been given and acted upon.

At.least no wild predictions today

AsimpleInvestor - someone mentioned on TG (yes, that group where trolls get kicked but are for some reason allowed to stick around like a bad smell here on LSE) that it might be worth checking out the 2023 accounts. In 2022 the FRC Audit regs were updated and that's why many companies have had to detail a deeper analysis of lets say a 3 year business plan on funding the business. It's worth looking at the going concern statement there as this reflects the updated requirements for the FRC. Doesn't seem to be an issue at all.

Consequently one should also look at the audit statement by the bod and also the external auditor. I have no concerns the sign off for this years accounts will be much different (no material issues, no issues during audit etc), as the 4 directors take just $150k/year in total, are competent, and there are currently no Capex or other operational costs related to the Nobel assets as these have been sold and royalties assumed. Delays are likely multiple - low number of employees that keep the costs down in preparaton of accounts (now with Westend was with the comp sec who sadly passed away), time spent in internally auditing, time spent externally auditing. I do note they had a website last year so the website also needs to become live before accounts would be signed off.

All statements had no issues. In addition, they closed the deal in 2024 (1st Aug) so they were able to do that without any issues whatsoever. Going Concern is likely not the issue whatsoever, likely the time taken for westend to prepare the accounts, for the 2 members of the BoD to audit the accounts (who have recent financial experience as required by the FRC regs), and the external auditor to audit them in line with the updated FRC regs.

Again, all this stuff is just admin and small fry. They'll get signed, website will be up. don't stress. In the meantime drilling, well fixings/reopening, and updating production figures (looking for 1000bopd per well at least which gives an MCAP of £155m with a PER of 11 and annual royalties from just 5 oil wells at £14m).

Then we have the Gas and Lithium JV. It really is impressive how the BoD have got all these over the line with minimum dilution and I wish I had found this before the 17th July.

GLA and keep the patience.

@MyIPA....a solid grounded post.

Agreed.

Why does the website have to live before the accounts are signed off??

Zag Egypt - read the 2023 Accounts and then post the reason back here, thanks.

A great positive factual post MyIPA. Much obliged 👍

I will read, but only asking a question but won't be posting anything back on here

MY IPA, one of the best posts in a long time. Even if one well is less than 1000bopd, we are still talking significantly higher MCAP than the 10mcap prior to the deal.

Best thing about it, from just 5 wells like you say.......says it all really where PPP are heading IMO. Global will keep bringing more and more wells into play so do the maths! Then add on the Lithium!

Bring it on. GL ALL

So two ways to source the results, and one if the website isn't operational