RE: I have confidence in our New Management team.18 Mar 2026 09:43
Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic traditional and transition energy projects, confirms that Chief Executive Officer, Mavriky Kalugin, will be 'boots on the ground' in Gonzales County and other relevant locations, in Texas beginning the week of 2nd February, 2026.
Board members and Shareholders of the Company will be reassured to hear that Mavriky will be in country to undertake a detailed assessment of the Company's subsidiaries, structures, assets and licenses, including both current and legacy status of the Impaired Assets from the legal, regulatory, financial and if any opportunity exists, operational perspectives.
Mavriky will be spending up to two weeks visiting Gonzales County, and specifically, the locations of the Company's currently impaired Texas assets, gathering concrete information as to the status, condition, accessibility, of each lease and any equipment or assets that the Company may still have a right to, as well as any further issues associated with them.
Upon his return Mavriky will present this report to the Pennpetro Board, and this will be the basis for a report which will be published for distribution to shareholders in due course.