Pennpetro Energy PLC Modifications to Previously announced Placing (8352F)
12 Julio 2023 - 9:02AM
UK Regulatory
TIDMPPP
RNS Number : 8352F
Pennpetro Energy PLC
12 July 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Modifications to Previously announced GBP300,000 Placing.
London, 12 July 2023 - Pennpetro Energy PLC (LSE: PPP),
announces a minor adjustment to the calculations for the GBP300,000
placing as announced on 27 June 2023. The Company has now
conditionally placed 5,800,000 new ordinary shares of GBP0.01 each
in the Company (versus 6 millions shares announced 27/06/2023) and
9,200,000 existing ordinary shares of GBP0.01 each in the Company
(versus 9 million shares as announced 27/07/2023) transferred by
existing shareholders unconnected to any director, (together the
"Placing Shares") at a placing price of 2 pence each (the "Placing
Price") to raise GBP300,000 (before expenses) (the "Placing").
These numbers are a slight adjustment to the initially announced
6,000,000 new ordinary shares and 9,000,000 existing ordinary
shares announced on 27 June 2023. This amendment has been
occasioned to fall within the Listing Rules.
Tom Evans, Pennpetro Energy's CEO, said;
"This placing will now be closed tomorrow, and the proceeds from
this will allow Pennpetro Energy to push on with increasing its
stake in the Whistling Straits 5H well from a 25% working interest
("WI") to a 100% WI with 75% net revenue interest ("NRI") and to
assume operatorship of the well as taking 100% ownership of an
additional 2,036.38 acres of oil leases in Gonzales County in
Texas. This deal, which should close shortly, will give PPP a 100%
interest in 3 wells. Further updates on Pennpetro plans to bring 3
x 100% owned wells into production in Texas will be made in the
coming days when the transaction is closed with Millennium."
Completion of the new Placing Shares:
Completion of the Placing is conditional on, inter alia :
5,800,000 ordinary shares of GBP0.01par value of the total
number of 15,000,000 Placing Shares, being admitted to listing on
the Official List (standard listing segment) and to trading on the
London Stock Exchange's main market for listed securities ("
Admission ") on or before 13(th) July 2023 (or such later date as
may be agreed by the Company and the placing agent).
Admission, Settlement and Dealings in new Placing Shares:
An application has been made to the FCA and to the London Stock
Exchange Admission in respect of those 5,800,000 new ordinary
shares of GBP0.01 par value of out of the total number of Placing
Shares proposed to be issued on completion of the Placing. It is
expected that Admission will become effective, and that dealings in
such shares are expected to commence, at 8.00 a.m. on 13(th) July
2023.
The rights attaching to the new Placing Shares will be uniform
in all respects and all of the new Placing Shares will rank pari
passu, and form a single class for all purposes with, the existing
issued shares of GBP0.01 value in the Company.
Total Voting Rights
Following Placement, the Company will have 100,299,081 ordinary
shares of GBP0.01 par value in issue, each with one vote per share.
The total number of voting rights in the Company is therefore
increased by 5,800,000 to 100,299,081. This figure of 100,299,081
may be used by shareholders in the Company as the denominator for
calculations to determine if they have a notifiable interest in the
share capital of the Company under the Disclosure Guidance and
Transparency Rules, or if such interest has changed.
-ENDS-
This announcement contains inside information within the meaning
of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014, as amended (the "EU
Market Abuse Regulation") and (ii) the EU Market Abuse Regulation
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018.
For further information visit www.pennpetroenergy.co.uk or
follow us on twitter @pennpetro or 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
Flagstaff Strategic and Investor +44(0) 207 129 1474
Communications pennpetro@flagstaffcomms.com
Tim Thompson
Alison Allfrey
Anna Probert
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.
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END
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