Corporate Update
New CEO appointed in January, audit progressing towards Q2 completion, share trading resumption targeted.
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It was the intention to deliver this overview at the AGM on the 17th of February 2025, however, since the meeting was adjourned, a shortened version thereof is provided below, as well as updates received by the Company regarding audit completion and material progress in other areas since my appointment as CEO in January this year.
It is a privilege to become the Chief Executive Officer of Pennpetro Energy PLC. I take seriously the responsibility of stabilising the Company, ensuring new business development, positive cash inflows and ultimately to deliver growth in shareholder value.
I wish to thank the Board of Directors who have appointed me to lead this organisation and would like to briefly introduce myself for those who do not know me. My career has evolved from audit to oil & gas and the financial services industry. I have dealt with major challenges in less than favourable and complex environments in Africa and elsewhere. The Company's position in the American oil and gas market is timely and provides new and interesting opportunities.
The ultimate success of this Company will only become evident after the completion of the audit and the resumption of the Company's shares to trading on the London Stock Exchange. We will then have the opportunity to attract new investment capital and achieve a higher level of shareholder value by means of investing in commercial upstream partnerships that show long-term growth and viability. To this end, we are in continuing dialogue with our auditors and are able to announce that the audit is progressing and should be on track to be completed in Q2.
Notwithstanding the situation that has evolved, the Company envisages a rewarding future for the shareholders and multiple opportunities are under discussion with contingent funding.
In conclusion, we are focused on the completion of the audit, restoring trading in the Company's shares and transforming PPP into a well- funded trading position in the shortest amount of time.
The Board would like to thank shareholders for their support and the Company looks forward to provide updates in due course.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.