LONDON - Pennpetro Energy PLC (LSE:PPP) has successfully placed 1 million new ordinary shares, raising £120,000 before expenses, as part of its ongoing capital financing efforts. The shares were priced at 12 pence each and were taken up by a single investor, according to a statement released by the company today.
This recent placement comes on the heels of two previous capital raises, one for £360,000 announced on August 1, 2024, and another for £300,000 announced on August 16, 2024. The proceeds from the current and prior placings are earmarked for general working capital as Pennpetro finalizes its year-end accounts for the period ending March 31, 2024.
The CEO of Pennpetro, Tom Evans, expressed confidence in the company's progress towards updating its financial records and anticipates the resumption of trading of its shares following a suspension pending an audit review.
In addition to the financial update, Pennpetro also provided insights into its operational developments. The company's Texas-based operator, Globalvision, has completed technical studies on assets located in Gonzales County. Following the US Thanksgiving holiday, a work-over rig is scheduled to arrive on site to commence accelerated oil production activities, a move bolstered by the incoming US President's supportive stance on oil drilling.
The total voting rights (TVR) in the company, as previously reported on July 12, 2023, stood at 100,299,081. With the issuance of 5,000,000 shares on August 16, 2024, and the 1,000,000 shares from today's announcement, the TVR will increase by 6,000,000 shares to 106,299,081 once the shares are admitted to trading post-suspension.
This announcement is based on a press release statement and contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law under the Market Abuse (Amendment) (EU Exit) regulations.
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