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The way I understand it agm can only go ahead after accounts/audit are complete...if they are not then agm can not go ahead...

If and when accounts/audit are signed off...that will be one big much needed obstacle/stumbling block moved out of way...this is first big step..

Secondly we need to know what lunns plans are, he mentiond restructuring in last rns...question is in what form will this take place..this news we should get be4 agm... a resolution will be put to us to vote on whether restructuring as lunn wants can go ahead or not.....within same same agm ceo/directors will be voted on..who also most likely be named on or be4 agm announcement rns.

Only other thing which I can see happening is egm being called...telegram will have enough votes to call for egm...but I feel...the stumbling block for them will be passing their resolutions....lunn has something like 50% of major shareholders on side...aswell many here on lse....

Only after agm suspension should be lifted imo not be4.

It looks like...petroquest has done no wrong as of now...in recent times they extended the loan to pennpetro..on basis of without any interest...there is no ill intent here...if anything my take is..they wanted to make sure pennpetro works and comes good for all major stakeholders...the problem might be...there was a division in which to go on about these assets in texas and create value for shareholders...in end tom and leni thought global deal was in best interest of shareholders due to lack of funds...obviously main problem here is petroquest loan...how many times can you put over one.....believe it or not the one thing which I see as blatantly obvious is the fact these stakeholders alongside lunn being very patient...the shareprice had collapsed over the years to 0.55p...stakeholders have been locked with shares being tied up...they can not get their shares back until prospectus is issued and or if shareprice increases to reasonable levels where by 20% headroom = 50m shares in which case shares in issue have to be 250m...unless these shares are given back in small batches....for me for stakeholders to get their monies back they have to issue new prospectus ... which could get on the cards..if you was doing that and whilst at it...I would seriously go for rto/acquisition..this would kill 2 birds with one stone..1. Lent shares given back and obligation of £30m minimum requirement by premium listing achieved....

This global deal ticked lot if boxes including clearing the debt....I am convinced a way will be found whereby petroquest will be given assurity/guarantees..thus could even mean small stake for them in final outcome.

I don't think lunn has malicious intends...nor do i think tom and Co tried to put one over everyone...I just think tom and Co thought they could sort everything out in times ahead...but that's not how it works in reality..lunn knows this...

Going fwd..my take is to sort all this mess...we might end up raising more monies...I personally would be happy if they raised the entire petroquest loan ad that bem debt..which comes to £5m....rasing £5m I dont think is the problem...thats only another 80m shares....we traded 560m shares in 11 days....80m shares would be walk in the park...catch 22 = we don't have headroom to raise this number...also then global deal would be dead...as we would have paid off debt..now the problem would be capex for texas assets...hence why renegotiation is best course of action...whereby stakes could be changed between 3 parties...

1. Mess can not be sorted ...we simply don't come back..we lose our money....

2. We come back with small dilution

3. We come back transformed..bigger dilution

I emailed lunn earlier today hot response within an hr or so..if he wasn't there for us shareholders he would have ignored my email..

Stephen I would like to firstly thank you for all clarification given in rns on 20th Dec, it really means a great deal to know someone is out there looking after interest of us retail shareholders, or atleast it seems that way.

Obviously clarifying, putting everything in open and informing the market was a decent and honest thing to do, however now more questions and uncertainties have risen.

I am going to be honest reading the rns over and over again it seems like you will be able to pull this off for us shareholders I certainly hope you do.

I have 2 questions for you if you could kindly answer.

1. Conflict of interest, can you please assure me you will do your upmost best for pennpetro shareholders not only your own interests at petroquest?

2. You say accounts won't be completed until Q1 2025, what's the deadline for accounts to be in is it 31/01/2025 or 31/03/2025, can this date be extended due to extenuating circumstances?

Thank you.

Thank you for your email. In response to your concerns, be advised that all and any conflicts are disclosed and managed by the board . All Directors have a fiduciary responsibility to the Company and all shareholders . The accounts are under way and the field work by the Auditors will be ongoing in the NewYear . Until they complete their task , we are in their hands and cannot be specific as to the precise date , but as soon as we have a date , we will call the AGM.

Kind regards,

Stephen Lunn.

Not only did he reply to this...on 17th of Dec I emailed him...and laid my concerns him...

"What's going on at pennpetro first chairman resigns now ceo resigns.

Bad news after bad you guys have not stuck to your promises, us shareholders have been kept in the dark for last 4 1/2 mths with no progress reports in texas or audit/accounts being completed.

Can you please respond back to this email and reassure me if you can't do that atleast put reassuring rns out to calm down nervous shareholders. Thanks"

3 days later we get detailed rns..

Make of it whatever you want...this is not over until it is over...imo he is there to sort this mess out...

Whether we like it or not will have been suspended for near 5 mths now..and it could get worse...meaning we might never see ppp again...its a shame it came down to this..all that was needed was few sensible heads put together and resolve issue at hand...yes its possible some kind of deliberate scam/fraud was being run..by that i mean blatantly lying misleading the market for possibly their own gains..to give tom benefit of doubt one can say he did as best as he could under dire circumstances..but to be fair and honest his words in rns's did not back his actions on ground...I have been highly critical of tom rightly so in my view..sometimes circumstances are such one has to pick lesser evil out of two...for me favouring lunn over tom is obvious..my rationale is/was he holds all cards..his connections outweigh Tom's by a mile..not only that he seems to be central to all parties involved including major shareholders..he has responsibility of making sure major shareholders interest are taken care of at top level here at ppp....what complicates things is lunn being majority stake holder in petroquest..company which lent us $5m..his 75% is worth $3.75m to him..that amount is peanuts compared to 50m shares bought at 25p and lent out at 2p/3p by these majors who seem to be connected to one another..total consortium amount = £12.5m = $15.7m...logically one should look after the consortium..as their stake is much higher...looking at it from this angle it dont make sense to take ppp private...one thing that has bothered me about lunn and it does look bit suspicious...is the fact...he elected himself to be director of petroquest only on 27th July 2024..was this a plot/ploy to break the deal?..spa was signed on 31st July only at last minute...was lunn already upto something?...if there was foul play by lunn at this very early stage...why did leni / Tom hire lunn as a director for ppp..strange is not...it is possible folks higher up...with majority stake called for this move..but I can not see how they gain....yes its true...they can do a deal between themselves if we was taken private...question is what or how they would gain...they will need lot of funds to create any real worthwhile value for themselves from current assets...from this point of view it makes sense for ppp to remain listed..and energy effort should be put in ..in increasing shareprice...everyone benefits.

The problem is not what is shown or written in rns's...Tom's rns's were brilliant but no substance....lunns rns yesterday seemed well worded and what looks like a rescue plan..but the real question is is there a hidden msg in there...does he have hidden motives....I suppose only time ahead will tell.

Lot of us have put lot of money in here...trusting every word in rns's as gospel...if fraudulent malicious activity is found by any party be it tom lunn leni whomever..I feel they should be prosecuted and put behind bars.

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