RE: Upcoming newsflow22 Jul 2024 12:28
Very important to remember the significance of this news that was out on the 17th,
I really like this bit…..
Given the current estimated life of the wells at 20 years plus, it secures PPPs future for many years to come. Shareholders should not underestimate the material value of receiving a ORRI on oil production from these wells. There is a lot of oil in these 2,036 acres and we will rank equally with the landowners with this ORRI and receive monthly revenue income from all oil sales from Texas once production recommences. We are hopeful to see oil production starting within months."
"Globalvision will also clear or come to arrangements with Pennpetro's US creditors, which really does clean up our balance sheet. They plan to optimise all 4 x 12.5% ORRI wells to production as quickly as possible, which will be a very big step forwards for the project.