TIDMPPP
RNS Number : 9853X
Pennpetro Energy PLC
02 May 2023
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Corporate Update and Results for the 6 months
ended 31 December 2022 (Unaudited)
London, 2 May 2023 - Pennpetro Energy plc (LSE: PPP), an
independent oil and gas company focusing on production in the
Gonzales Oil Field in Texas, USA, announces today its corporate
update and the financial results for the six months ended 31
December 2022.
Corporate Update
-- As announced on 16 March 2023, a Participation, Development
and Option Agreement and Joint Operating Agreement with Millennium
PetroCapital Corporation ("Millennium") for a proposed 250,000 acre
(1,011 square kilometres) Area of Mutual Interest ("AMI") petroleum
joint venture in Gonzales County, Texas;
-- The GBP1.54 million capital raising announced 28 March 2023; and
The drilling of the first participation well (Whistling Straits
5H well) with Millennium, which is currently in the "clean-up"
phase post drilling the well to Total Depth, as announced on 12
April 2023.
The Company is now in a significantly stronger position than it
was on 31 December 2022 and there are plans to grow the Company
with potentially further participation wells with Millennium in
2023 and the promising farm-in opportunity to drill the Horse Hill
#3 well near Gatwick Airport (as announced on 28 March 2023).
Results for the 6 months ended 31 December 2022 (Unaudited)
Financial summary
-- The financial results for the six months ended 31 December
2022 show a loss after tax of $356,193 (H1 2022: loss
$205,000).
-- The Group's borrowings, which were non-current, as at 31
December 2022 were $4,182,794 (H1 2022: $4,257,000).
Operational summary
-- The Farm-In Agreement signed with Upland Resources Limited
for the onshore Tunisian Saouaf permit covering 4,004 square
kilometers was terminated by the Company post on-site visits by
both Tom Evans, the Company's CEO and Andy Clifford, President of
Nobel Petroleum USA, Inc., as detailed discussions with both the
Tunisian authorities and operational personnel of Upland could not
guarantee that all prior obligations regarding the concessional
area had been complied with.
-- 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.
-- Significant developments in the pursuit of Proprietary
Intellectual Property green technologies with international PCT
(Patent Cooperation Treaty) being approved and entering the
European National-Regional Phase.
Outlook
In line with our strategy, all our operations are in highly
active plays where the economics of drilling and producing remain
attractive at sub-US$30 oil prices. This highlights the success we
have had in taking advantage of the prior industry downturn to
accelerate the positioning of our South Texas leasehold position in
favour of the Austin Chalk and Eagleford Shale. As prior reported,
we have energized our entire portfolio having successfully drilled
and test produced oil in the lower lying Buda formation as an
economic reserve. With a strategic foothold in these prolific,
low-cost plays established, and a proven management team in place,
we will look to expand our drill focused activities, initially
regarding the re-entering the Austin Chalk formation of the COG#1
well which flowed oil, with a view to placing that formation on
full production.
Chairman's Statement
As reported last year after selling oil commercially from our
initial well in the Gonzales field, as the world went into
lockdown, we suspended all operations and activities in line with
the requests of the US Government and Texas State Legislators. Our
team in Houston has recommenced discussions with petroleum service
contractors with a view to bringing our proposed 2nd and 3rd
drilling projects into play.
With operations now being undertaken again, albeit in a more
restricted manner, we sought to shape Pennpetro to emerge stronger
and better positioned to accelerate its growth profile from these
challenging times.
We also took the opportunity to expand our capital base by the
placement of 1,166,667 new shares during March 2022 to raise an
additional GBP350,000 in working capital, and also the appointment
of Peterhouse Capital Limited as our Corporate Broker. The Board
continues to seek accretive options for corporate development.
In addition, the Company, recognising the global impact of
environmental concerns, has instigated due diligence regarding
expanding its experiences and core competencies within the fossil
environment and petroleum drilling to specific green energy
initiatives securitised with US intellectual property filings which
are being expanded to select jurisdictions internationally.
We remain confident in our US petroleum assets and the Board
continues to build upon what has been a slightly less challenging
year for the Group.
David Lenigas
Executive Chairman
2 May 2023
Chief Executive Officers Statement
Operations
In terms of our operations, prior to the onset of the pandemic
restrictions, our focus had been on completing our initial
horizontal well and organizing the permitting of our second
targeted horizontal well (COG#2-H) situated to the north of
COG#1-H. Our operator has filed formal completion certificates with
the Texas Railroad Commission confirming that the COG#1-H well was
being completed as a producer. As explained, our emphasis has now
shifted to the development and drilling of COG#2-H, and our prior
stated activity pertaining to the COG#1-H Austin Chalk oil
operations, will be held pending post the drilling of COG#2-H well
into production. Once the process of water removal from the lower
reservoirs of COG#1-H is completed, an operation which we have
decided to complete with the lower formation being cased-off and to
re-enter and take hydrocarbon production from the upper Austin
Chalk, from which we initially took oil.
With the advent of the Russian invasion of Ukraine in February
2022, the energy markets have been placed under extreme pressures,
with the price of both Brent and West Texas being constantly in the
US $120 zone. Although we expect that prices will retreat from
these highs in the short term, any greater unseen forces will see
prices escalate again.
In this stabilised oil price environment, Pennpetro has emerged
from the oil vicissitudes as a low-cost, primarily asset-backed US
onshore oil and gas business, with exciting international
interests. Subject to oil prices, market conditions and sentiment,
I remain confident that we can deliver our strategy by not only
acquiring leases in active and producing US onshore plays and
proving up the reserves by drilling new wells, but also by our new
strategic acquisition focus on producing assets and directive into
green energy initiatives.
This platform is one that has at its core, the active management
of all types of risk associated with the oil and gas industry.
Broadly speaking, development risk is managed by focusing on proven
formations; execution risk is managed by participating in drilling
activities with solid experienced industry personnel, which we have
in Houston who have an extensive history in South Texas petroleum
activities, as well as our operations offsetting those of major
industry players; individual well risk is managed by building a
diversified portfolio of leases and wells; meanwhile oil price risk
is managed by focusing on areas that require relatively low oil
prices to breakeven and ensuring our cost base, capital commitments
and financing costs remain low, manageable and flexible.
As explained, our domestic US asset acquisition strategies
generally only targets producing assets and applying proven
horizontal technologies to conventional reserves from a firm
productive foundation. This initiative is being driven through our
Houston technical office with several asset opportunities having
been investigated.
Pennpetro's Board currently comprises four Directors, who
collectively have extensive international experience and a proven
track record in investment, corporate finance and business
acquisition, operation and development and are well placed to
implement the Company's business objectives and strategy highly
active plays.
We believe the Company's Board and its US management team are
strong in terms of having the right mix of industry expertise
covering all key areas of the business, including lease
acquisition, geology, engineering, and finance.
Oil Price
West Texas Intermediate ("WTI") has continued its strength
throughout the period under review averaging US$83.29/bbl. The
value of WTI as at 31 Dec 2022 was US$80.16/bbl (source: Bloomberg
Markets). We will receive a premium of approximately US$5/bbl for
Gonzales crude oil deliveries.
Outlook
In line with our strategy, all our operations are in highly
active plays where the economics of drilling and producing remain
attractive at sub-US$30 oil prices. This highlights the success we
have had in taking advantage of the prior industry downturn to
accelerate the positioning of our South Texas leasehold position in
favour of the Austin Chalk and Eagleford Shale. With a strategic
foothold in these prolific, low-cost plays established and a proven
management team in place, we will look to further expand our
position in this US onshore sweet spot, as and when management
considers it most advantageous to do so.
Finally, I would like to thank the Board, management team and
all our advisers for their hard work over the last six months and
also to our shareholders for their continued support.
Thomas Evans
Chief Executive Officer
2 May 2023
For further information, please contact:
Pennpetro Energy PLC:
Tom Evans, CEO tme@pennpetroenergy.com
Brokers:
Zeus Capital
Simon Johnson +44 (0) 207 614 5900
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0930
Duncan Vasey +44 (0) 20 7220 9797
Media and Investor Relations:
Instinctif Partners
Galyna Kulachek pennpetro@instinctif.com
Isadora Pegler +44 (0) 20 7457 2020
NOTES TO EDITORS
Pennpetro Energy is an independent oil and gas company focusing
on production in the Gonzales Oil Field in Texas, USA. Shares in
the company were admitted to the Official List of the London Stock
Exchange by way of a Standard Listing on 21 December 2017 with the
ticker symbol " PPP " . Its wholly owned subsidiary, Nobel
Petroleum USA Inc. has a Participation, Development and Option
Agreement and Joint Operating Agreement with Texas based Millennium
PetroCapital Corporation over a 250,000 acre Area of Mutual
Interest in Gonzales County, Texas, aimed at exploiting the
prolific proven Austin Chalk oil and gas play. Pennpetro Energy has
also recently signed a conditional binding agreement to conduct a
new 3D seismic survey on the Horse Hill Oil Field near London's
Gatwick Airport which paves the way to drilling the next production
well (HH-3) for 49% of the revenue of this proposed well.
Further information on the Company can be found at
www.pennpetroenergy.co.uk
IMPORTANT NOTICE - FORWARD-LOOKING STATEMENTS
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts and involve predictions. Forward-looking
statements may and often do differ materially from actual results.
In addition, even if results or developments are consistent with
the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or
developments in subsequent periods. Any forward-looking statements
reflect the Group's current view with respect to future events and
are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's business,
results of operations, financial position, liquidity, prospects,
growth or strategies and the industry in which it operates.
Forward-looking statements speak only as of the date they are made
and cannot be relied upon as a guide to future performance.
Strategic report and business review
To the members of Pennpetro Energy plc
Cautionary statement
This business review has been prepared solely to provide
additional information to shareholders to assess the Company's
strategies and the potential for those strategies to succeed.
The business review contains certain forward-looking statements.
These statements are made by the Directors in good faith based on
the information available to them up to the time of their approval
of this report and such statements should be treated with caution
due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward looking
information.
This business review has been prepared for the Group as a whole
and therefore gives greater emphasis to those matters which are
significant to Pennpetro Energy plc and its subsidiary undertakings
when viewed as a whole.
The Group's business model
Pennpetro's intention is to become an active independent North
American development production company.
The key elements of Pennpetro's strategy for achieving this goal
are:
-- The creation of value through production development success
and operational strengths, commencing with the Group's COGLA
assets.
-- Focusing on commercialisation and monetisation of oil and gas
discoveries, and potentially utilising cash flows from initial
projects to fund the acquisition or development of future
projects.
-- Active asset portfolio management.
-- Positioning the Company as a competent partner of choice to
maximise opportunities and value throughout the E&P
lifecycle.
Summary results for the 2022 interim financial period
A summary of the key financial results is set out in the table
below:
Half year Half Year Half year
Unaudited Unaudited ended
31 Dec 2022 31 Dec 2021 31 Dec 2021
$'000 $'000 $'000
--------------------- ------------ ------------ ------------
Revenue - - -
Operating expenses (284) (60) (1,021)
--------------------- ------------ ------------ ------------
Operating loss (284) (60) (1,021)
Finance income 0 0 -
Finance costs (73) (145) (291)
--------------------- ------------ ------------ ------------
Loss before tax (356) (205) (1,312)
Taxation - - -
--------------------- ------------ ------------ ------------
Loss for the period (356) (205) (1,312)
Interest
The net interest cost for the Group for the period was $73,000
(2022: $145,000).
Loss before tax
Loss before tax for the period was $0.3m (2022: $0.2m).
Taxation
Taxation charge was $nil for the period (2022: $nil).
Earnings per share
Basic and diluted earnings per share for the period were 0.42c
loss (2022: 0.26c loss).
Financial position
The Group's balance sheet as at 31 December 2022 can be
summarised as set out in the table below:
Assets Liabilities Net assets
$'000 $'000 $'000
-------------------------------- ------- ------------ -----------
Non-current assets 5,619 5,619
Current assets and liabilities 291 (1,326) (1,035)
Loans and provisions - (4,183) (4,183)
Total as at 31 December 2022 5,910 (5,509) (401)
-------------------------------- ------- ------------ -----------
Total as at 30 June 2022 6,020 (5,412) 608
-------------------------------- ------- ------------ -----------
Total as at 31 December 2021 5,965 (5,301) 664
-------------------------------- ------- ------------ -----------
Cash flow
Net cash outflow for 2022 was $1,000 (2022: $1000).
Consolidated Income Statement
For the six months ended 31 December 2022
Notes Unaudited Audited
Half Year Half Half year
Unaudited year ended ended
30 Jun 31 Dec
31 Dec 2022 2022 2021
Continuing operations $'000 $'000 $'000
Revenue - - -
Cost of sales - - -
---------------------------------- ------ ------------ ------------ -----------
Gross profit - - -
---------------------------------- ------ ------------ ------------ -----------
Operating expenses (205) (205) (1,021)
---------------------------------- ------ ------------ ------------ -----------
Operating loss (283) (60) (1,021)
Finance income - 5 -
Finance expense (73) (145) (291)
Loss before income tax (356) (205) (1,312)
Taxation - - -
Loss for the period attributable
to the owners of the Company (356) (205) (1,312)
---------------------------------- ------ ------------ ------------ -----------
Loss per share attributable
to owners of the Company
From continuing operations:
Basic & diluted (cents per
share) 2 (0.42) (0.26) (1.72)
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2022
Unaudited Unaudited
Half year Half year Audited
ended ended Year ended
31 Dec
2022 30 June 2022 31 Dec 2021
$'000 $'000 $'000
------------------------------------- ---------- ------------ -----------
Loss for the period (356) (205) (1,312)
Other comprehensive income
------------------------------------- ---------- ------------ -----------
Items that may be subsequently
reclassified as profit or loss
Currency translation differences 771 299 (7)
------------------------------------- ---------- ------------ -----------
Total comprehensive loss for
the year attributable to the owners
of the Company 415 94 (1,319)
------------------------------------- ---------- ------------ -----------
Consolidated Balance Sheet
As at 31 December 2022
Notes Unaudited Unaudited Audited
31 Dec 2022 30 Jun 2022 31 Dec 2021
$'000 $'000 $'000
Non-current assets
------------------------------- ------- -------------- ------------- -------------
Property, plant & equipment 4 1,384 1,384 1,385
Intangible assets 5 4,234 4,234 4,234
------------------------------- ------- -------------- ------------- -------------
Total non-current assets 5,618 5,618 5,619
------------------------------- ------- -------------- ------------- -------------
Current assets
------------------------------- ------- -------------- ------------- -------------
Trade and other receivables 301 308 309
Short term investments (11) 93 35
Cash 1 1 2
------------------------------- ------- -------------- ------------- -------------
Total current assets 291 402 346
------------------------------- ------- -------------- ------------- -------------
Total assets 5,910 6,020 5,965
=============================== ======= ============== ============= =============
Equity and liabilities
------------------------------- ------- -------------- ------------- -------------
Share capital 3 922 928 979
Share premium 3 4,274 4,302 4,122
Convertible reserve 5,738 5,776 6,022
Reorganisation reserve (6,578) (6,578) (6,578)
Foreign exchange reserve 771 306 134
Share based payment reserve - - -
Retained losses (4,727) (4,126) (4,014)
------------------------------- ------- -------------- ------------- -------------
Total equity 400 609 664
------------------------------- ------- -------------- ------------- -------------
Non-current liabilities
------------------------------- ------- -------------- ------------- -------------
Borrowings 4,183 4,257 -
------------------------------- ------- -------------- ------------- -------------
Total non-current liabilities 4,183 4,257 -
------------------------------- ------- -------------- ------------- -------------
Current liabilities
------------------------------- ------- -------------- ------------- -------------
Borrowings - - 4,256
Trade and other payables 1,326 1,155 1,045
------------------------------- ------- -------------- ------------- -------------
Total current liabilities 1,326 1,155 5,301
------------------------------- ------- -------------- ------------- -------------
Total Equity and Liabilities 5,910 6,020 5,965
=============================== ======= ============== ============= =============
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2022
Group Share Share premium Convertible Share based Re-organisation Retained Total
Capital reserve payment reserve reserve Foreign losses Equity
exchange
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 31
December 2021 979 4,122 6,022 - (6,578) 134 (4,014) 664
======== ============= =========== =============== =============== ========== ======== =======
Loss for the
period - - (246) - - - (119) (357)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Currency
translation
differences - - - - - 172 - 172
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Total
comprehensive
loss
for the period - - (246) - - 172 -119 (185)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Share issue - 181 - - - - - 181
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Share issue
costs (-51) - - - - - - (51)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 30
June 2022 928 4,302 5,776 - (6,578) 306 (4,125) 609
======== ============= =========== =============== =============== ========== ======== =======
Gain /(Loss)
for the period - - - - - 464 (601) (137)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Currency
Translation
differences (6) (28) (38) - - - - (72)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Total
comprehensive
loss
for the period - - - - - - (601) (601)
-------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance as at
31 December
2022 922 4,274 5,738 - (6,578) 770 (4,727) (400)
======== ============= =========== =============== =============== ========== ======== =======
Consolidated Cash Flow Statement
For the six months ended 31 December 2022
Unaudited
Half year Unaudited Audited
ended Half year Full year
31 Dec ended ended
2022 30 Jun 2022 31 Dec 2021
$'000 $'000 $'000
-------------------------------------- ---------- ------------ ------------
Cash flows from operating activities
-------------------------------------- ---------- ------------ ------------
Loss for the period (356) (205) (1,312)
Adjustment for:
Depreciation - - -
Amortisation - - -
Unrealised foreign exchange - 442 (8)
Write-off - - -
Finance income - - -
Finance costs 73 145 291
Share based payment charge - - 800
Decrease in receivables (6) (2) (1)
Increase in payables 171 844 549
Interest paid - -
Net cash used in operating activities (119) (1,226) (252)
-------------------------------------- ---------- ------------ ------------
Cash flows from investing activities
-------------------------------------- ---------- ------------ ------------
Increase in development expenditure - - -
Purchase of property, plant &
equipment - - (1)
Short-term investments - - (13)
Net cash used in investing activities - - (14)
-------------------------------------- ---------- ------------ ------------
Cash flows from financing activities
-------------------------------------- ---------- ------------ ------------
Shares issued - - -
Repayment of borrowings - - (66)
Proceeds from borrowings 272 274 305
Borrowing costs - -
Net cash generated from financing
activities 272 274 239
-------------------------------------- ---------- ------------ ------------
Net decrease in cash and cash
equivalents (1) (1) 1
-------------------------------------- ---------- ------------ ------------
Cash and cash equivalents brought
forward 2 2 1
-------------------------------------- ---------- ------------ ------------
Exchange gain on cash and cash
equivalents - - 1
-------------------------------------- ---------- ------------ ------------
Cash and cash equivalents carried
forward 1 1 2
-------------------------------------- ---------- ------------ ------------
General Information
The Consolidated Financial Statements of Pennpetro Energy plc
("the Company") consists of the following companies (together "the
Group"):
Pennpetro Energy plc UK registered company
Pennpetro USA Corp US registered company
Nobel Petroleum USA Inc US registered company
Nobel Petroleum LLC US registered company
Pennpetro Greentec Limited Cyprus registered company
Pennpetro Greentec UK Limited UK registered company
Pennpetro Green Energy Limited UK registered company
The Company is a public limited company which is listed on the
standard market of the London Stock Exchange and incorporated and
domiciled in England and Wales. Its registered office address is
First Floor, 88 Whitfield Street, London, W1T 4EZ.
The Group is an oil and gas developer with assets in Texas,
United States. The Company's US-based subsidiaries own a portfolio
of leasehold petroleum mineral interests centred on the City of
Gonzalez, in southeast Texas, comprising the undeveloped central
portion of the Gonzales Oil Field.
Responsibility statement
Each of the Directors of the Company confirms that to the best
of his or her knowledge:
a. the condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting";
b. the half year report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year);
c. the half year report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein.
Summary of significant accounting policies
Except as described below, the accounting policies applied in
these interim financial statements are the same as those applied in
the Group's consolidated financial statements as at and for the
year ended 31 December 2021.
The changes in accounting policy set out below will also be
reflected in the Group's consolidated financial statements for the
year ended 31 March 2023, if any.
1. New standards, interpretations and amendments effective from 1 January 2020
The following IFRS or IFRIC interpretations were effective for
the first time for the financial year beginning 1 January 2020.
Their adoption has not had any material impact on the disclosures
or on the amounts reported in these financial statements:
Standards /interpretations Application
--------------------------------------- -----------------------------------------------------------------------
IAS 1 & IAS 8 amendments Definition of Material
IFRS 3 amendments Business Combinations
Amendments to IFRS 9, IAS 39 & IFRS 17 Interest Rate Benchmark Reform
N/A Amendments to References to the Conceptual Framework in IFRS Standards
2. Earnings per share
Basic and diluted
Earnings per share is calculated by dividing the loss
attributable to the equity holders of the Company by the weighted
average number of ordinary shares in issue during the period,
excluding ordinary shares purchased by the Company and held as
treasury shares.
Audited
Full year
Unaudited Half year ended Unaudited Half year ended ended
31 Dec 2022 30 Jun 2022 31 Dec 2021
Loss attributable to equity holders of the Company
($'000) (356) (205) (1,312)
Weighted average number of shares in issue
(Number '000) 84,285 80,159 76,452
--------------------------------------------------- ------------------------- ------------------------- -----------
Earnings per share (cents) (0.42) (0.26) (1.72)
--------------------------------------------------- ------------------------- ------------------------- -----------
3. Share capital and premium
Ordinary shares Share premium
Group Number of shares Value Value Value Value Total
GBP $ GBP $ $
At 30 June 2020 76,452,106 764,521 978,643 3,205,516 4,083,322 5,061,965
================== ======== ========== ========== ========== ==========
Foreign currency adjustment - - 784 - 38,378 -
At 31 December 2021 76,452,106 764,521 979,427 3,205,516 4,121,700 5,101,127
================== ======== ========== ========== ========== ==========
Share issue 7,000,000 61,658 76,109 329,175 420,428 425,603
At 30 June 2022 83,452,106 826,179 1,055,536 3,534,691 4,252,128 5,526,730
================== ======== ========== ========== ========== ==========
Share Issue 1,046,983 10,470 12,618 271,132 327,550 340,168
At 31 December 2022 84,499,089 836,649 1,068,154 3,534,691 4,252,128 5,526,730
================== ======== ========== ========== ========== ==========
4. Property, plant and equipment
Petroleum Office Total
(Mineral Leases) Equipment $
Cost $ $
At 30 June 2020 1,363,163 10,889 1,374,052
Additions 21,151 - 21,151
Currency translation - 898 898
At 31 December 2020 1,384,314 11,787 1,396,101
Additions - - -
Currency translation - 99 99
At 30 June 2022 1,384,314 11,886 1,396,200
Additions - - 0
Currency translation - 55 55
As at 31 December 2022 1,384,314 11,941 1,396,255
Accumulated Depreciation and Impairment.
At 30 June 2020 - 10,601 10,601
Charge for the period - 303 303
Currency translation - 883 883
At 31 December 2020 - 11,787 11,787
Charge for the period - - -
Currency translation - 99 99
At 30 June 2021 - 11,886 11,886
Charge for the period - - -
Currency translation - 99 99
At 31 December 2021 - 11,886 11,886
Charge for the period - - -
Currency translation - 99 99
At 30 June 2022 - 11,886 11,886
Charge for the period - - -
Currency translation - 55 55
At 31 December 2022 - 11,941 11,941
Net Book Amount
At 1 January 2020 1,361,163 1,571 1,362,734
At 30 June 2020 1,363,163 288 1,363,451
At 31 December 2021 1,384,314 - 1,384,314
At 30 June 2022 1,384,314 - 1,384,314
At 31 December 2022 1,384,314 - 1,384,314
=================== ============ ==========
5. Intangible assets
Drilling Loan arrangement fees Total
costs $ $
Cost $
At 30 June 2020 4,233,890 270,339 4,504,229
Additions - - -
At 31 December 2020 4,233,890 270,339 4,504,229
Additions - - -
At 30 June 2021 4,233,890 270,339 4,504,229
- - -
Additions
At 31 December 2021 4,233,890 270,339 4,504,229
Additions - - -
At 30 June 2022 4,233,890 270,339 4,504,229
Additions - - -
At 31 December 2022 4,233,890 270,339 4,504,229
Amortisation.
At 30 June 2020 - 240,301 240,301
Amortisation charge for the year - 30,038 30,038
At 31 December 2020 - 270,339 270,339
Amortisation charge for the year - - -
At 30 June 2021 - 270,339 270,339
- - -
Amortisation charge for the year
At 31 December 2021 - 270,339 270,339
-
Amortisation charge for the year
At 30 June 2022 270,339 270,339
-
Amortisation charge for the year
At 31 December 2022 270,339 270,339
Net Book Amount
At 30 June 2020 4,233,890 30,038 4,263,928
========== ====================== ==========
At 31 December 2020 4,233,890 - 4,233,890
========== ====================== ==========
At 30 June 2021 4,233,890 - 4,233,890
========== ====================== ==========
At 31 December 2021 4,233,890 - 4,233,890
========== ====================== ==========
At 30 June 2022 4,233,890 - 4,233,890
========== ====================== ==========
At 31 December 2022 4,233,890 - 4,233,890
========== ====================== ==========
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END
IR ZZGGKGMZGFZZ
(END) Dow Jones Newswires
May 02, 2023 02:02 ET (06:02 GMT)
Pennpetro Energy (LSE:PPP)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024
Pennpetro Energy (LSE:PPP)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024