RE: 12p 🎯🪟26 Jul 2024 15:36
SJNI, you have not understood the RNS's, you have not researched the company, for the last time:
from the 17th July RNS:
"This deal really does add very significant value to Pennpetro shareholders. Since assuming the 100% working interest over the wells and operations from Millennium Petrocapital Inc in Gonzales County in Texas back in July 2023, PPP have sought to add value to the acreage. It's been a rocky ride to date but this transaction COMPLETELY DE-RISKS ANY CAPITAL EXPENDITURE NEEDS to increase production, but still provides us with the massive benefit and leverage of all future works undertaken on the licences for the next circa 30 years. 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.
The Company is also very excited about the potential for the AMI on the Gulf Coast region to produce gas and home-grown USA lithium from the wells. Big companies in Texas, such as Standard Lithium, Albemarle Corporation, Koch Industries and Tesla are already making big strides to fund future lithium production and refining from oil wells in Texas, and we see our 50/50 JV here as having real potential to add a lot of future value to Pennpetro shareholders in time."