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)

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