RE: RNS out20 Dec 2024 07:40
Gobsmacked is an understatement! They had better sort out these issues no wonder both the CEO and Chairman resigned. This was communicated to the market on 1st August that agreement was executed so due diligence etc etc how the hell can they start saying still to be completed? That is misleading the market. I am sure Mr Lunn will sort it and the UK side as 500k is not much but ffs they have really tested shareholders patience to have locked them in without all the background facts. Previous CEO & Chairman have some serious questions to answer! I am seething! How can shareholders make informed decisions on investing when we are not told the whole story. Are GV there or not we were told in July drill would start next few weeks in August twice and again to start in the weeks after Thanksgiving
‘ As previously announced, both parties are working well together to complete all of the documentation required to close this important transaction for Pennpetro by month's end and I'm very pleased to inform shareholders that Globalvision have informed me that that they have now booked their drilling contractor for the Texas oil production operations. J&J Drilling International are scheduled to mobilise to site in the early part of August. I look forward to providing numerous updates to shareholders as we move to close this important transaction for the Company and from the operations as they progress." And then again
‘Globalvision have advised that they plan to start optimisation works on the oil wells associated with the 12.5% ORRI (referred to in more detail below) in early August and as announced on 22 July that Houston Texas based drilling contractor, J&J Drilling International LLC, have been engaged by Globalvision to start in early August to work on the oil wells in Gonzales County, Texas. Globalvision already have people on the ground engaged in preparation for works to commence in coming days, this will be further enhanced by their senior management arriving on location in the coming days.’
‘London, 1 August, 2024 - Pennpetro Energy PLC (LSE: PPP), is pleased to advise that it has executed the Sale and Purchase Agreement ("SPA"), with Globalvision International U. LDA ("Globalvision") yesterday for the sale of Pennpetro's subsidiary in Texas, Nobel Petroleum USA Inc ("Nobel") and for the establishment of the 50/50 gas and lithium Joint Venture with Pennpetro's Nobel Petroleum LLC’
We have oil, gas and lithium there is no other outcome here than SL gets this sorted and back on track! IMHO DYOR GLA