Member Info for deltavegatheta

Pennpetro is a registered trademark of PPP https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00003272800

So whoever is creating these websites is infringing PPP’s trademark by using Pennpetro in the web address.

This website looks the most likely to the official work in progress website as the email address info@pennpetro.co.uk appeared in a recent RNS:

https://pennpetro.co.uk

Affrm, I can’t see any mention of 500 barrels a day, but there is this in an RNS “ The well is seeing increased levels of gas with the oil and on some days, the well has produced extended days of production above 300 bopd with peak daily production reaching 410 bopd.”

The same RNS states “ Oil sales for the month of November totalled 4,468 barrels.” Which is in line with the 4,827 barrels of production PPP reported to the RRC.

Be careful to distinguish between peak barrels of oil per day during the month and average number of barrels per a month, which is what I quoted in my post (oil produced in the month / days in month).

*Jan 24: No production

Here are the numbers for oil production PPP reported to the Texas RRC, make of them what you will:

Nov 23: 4,827 barrels => 161 barrels per day

Dec 23: 2,919 barrels => 94 barrels per day

Jan 23: No production

Feb 24: 891 barrels => 31 barrels per day

Mar 24: 510 barrels => 16 barrels per day

Apr 24: 637 barrels => 18 barrels per day

Post April 2024: No production

Newuncle has a better grasp of reality than most on this board. Why get upset with someone simply remind people what the RNSs actually said?

Looks like PPP went to fiver.com to get a new website and somebody just control-C’ed Chevron’s. Hilarious.

Affrm: so why did Millennium sell its share for such a low amount? Millennium were the operator and drilled CT1, so it should be in a very good position to know the leases true worth.

Anyone who’s interested in what PPP’s 2,036 acres are really worth should read the 27th June 2023 RNS where Millennium sold it’s 75% interest in them to PPP for just $70,000.

That makes 100% worth $93k or £70k. Even with only the 110m shares currently in issue that’s just 0.06p a share.

https://www.lse.co.uk/rns/PPP/increase-in-texas-oil-leases-and-placing-58eb2i0swnaxb0o.html

Currently it is 20% without a prospectus, which is rising to 75% from January. If they issue a prospectus the only limit is what has been authorised at a AGM/EGM.

They are both dormant companies, i.e. registered but never used.

Yes I was referring to Resources Bonds 11 Ltd

Back in the real world Tom Evans is being investigated by the Insolvency Service after being owner and CEO of a company that went bust in dubious circumstances with debts of over £2m for "breaches by the directors of their statutory and fiduciary duties, leading to various claims against the directors. Solicitors have been instructed and initial letters before action have been issued".

It would not surprise me at all if PPP constructed some new narrative to hook naïve investors. But be wary it's real purpose will be to support new share issues. UKOG is the text book example of this strategy.

Affrm, the ESGY East Texas JV (aka gas/lithium JV) "could not be advanced at this time due to impending litigation issues regarding certain areas" as per 2nd May 2023 RNS.

IMHO it is much more likely that GEM and Petroquest get their money back via share sales than by oil sales.

BTW I spotted this in the RNS issued on 2nd May 2023:

“The East Texas proposed Farm-In Agreement to 300 shallow gas prospects could not be advanced at this time due to impending litigation issues regarding certain areas. Once these issues have been satisfactorily resolved, the agreement can be reinstated.”

Which explains Tom’s comment in the TG Q&A that the ESGY JV was on hold. So no gas/lithium JV unless that gets sorted out, and another reason why the July 17th 2024 RNS was.misleading to investors.

If it’s such a great facility why didn’t PPP use it to raise capital during the previous three year term? PPP ended up owing GEM £500k for a facility they chose not to use..

GEM wants its £500k back.I’m sure if it thought PPP’s assets were worth more than it’s debts if would have gone through with the liquidation proceedings.

The only way GEM sees of getting its money back is to help get PPP trading again so that it can start issuing new shares (in large numbers)

The £150k financing came at a huge cost, 80 million warrants at 4p. The share graphs of companies that take out this sort of financing always look like a downward ski-slope.

You have to see the GEM deal in the context of PPP owing them £500k. Right after suspension it would seem that Tom Evans was ignoring GEM, hence GEM needing to start court proceedings to get PPP’s attention. It seems to be Lunn that has been negotiating with them from before Menzel joined, I think that is why Lunn’s name was on yesterday’s RNS.

This line could prove to be important and costly “The Company has agreed to meet its obligations under the SSF.”, but as very little about the original £20m deal was disclosed it is hard to tell.