TIDMPPP
RNS Number : 7962Q
Pennpetro Energy PLC
20 October 2023
Pennpetro Energy PLC
("Pennpetro" or the "Company")
Publication of Annual Report and Accounts for 15 month period
ending 31 March 2023
London, 20th October 2023 - Pennpetro, an independent oil and
gas company focusing on production in the Gonzales Oil Field in
Texas, USA, today announces that it has published its Annual report
and Financial Statements for the 15 month period ending 31 March
2023.
Chairman's Statement
Dear Shareholders,
I am pleased to present the annual results for Pennpetro Energy
Plc ("Pennpetro") for the period ended 31 March 2023, as the new
Executive Chairman, replacing Olof Rapp who has held the position
on an interim basis since the departure of Keith Edelman. and I
thank them both from their support of the Company.
We have changed the year end this year for the publishing of our
Annual Report from a 31 December year end date to 31 March year end
date so that all of our subsidiary companies reported on the same
date.
As reported last year after selling oil commercially for only
one month from our initial well (COG #1) in the Gonzales field in
Texas, as the world went into lockdown, we suspended all operations
and activities in Texas, in line with the requests of the US
Government and Texas State Legislators. The re-opening of the COG
#1 well will be a priority for us this coming year.
Covid put the Company into a difficult position, however I'm
please to now report that post the last two capital raises in April
2023 and July 2023 totalling GBP1.8m (gross), Pennpetro is in a
much stronger financially position and is now back operating in
Texas and is planning a very busy oil production year ahead.
During the reporting period the Company investigated expanding
its operative horizons outside of Texas by initially agreeing to
farm into the onshore Tunisian assets held by Upland Resources
Limited. We outlined this expansionary activity through our RNS
which we announced to the LSE on the 21 July 2022. Upon both Tom
Evans and Andy Clifford, the President of our subsidiary company
Nobel Petroleum USA Inc., who had been contracted as the Operator,
visiting Tunisia and engaging with the relevant Tunisian Government
authorities, it was evident that there were certain outstanding
issues that Upland had failed to deliver upon resulting in the
decision of Pennpetro to terminating the farm-in.
Texas has always been a Pennpetro focus and during the period
the Company signed a Participation, Development and Option
Agreement with Millennium PetroCapital Corporation in March 2023
regarding certain of their operational assets located adjacent to
our own Gonzales areas. The active area comprises 250,000 acres
being the Area of Mutual Interest. This Agreement has been
subsequently expanded upon with Pennpetro taking full ownership of
the Chalk Talk #1H, Chalk Talk #4 and Chalk Talk #3H (including
Whistling Straits #5H sidetrack) wells, as announced on from 27
June 2023.
Additionally, and in a very exciting development for the
Company, we also executed on 28 March 2023 a farm-in agreement with
UKOG Limited and Horse Hill Developments Limited, both subsidiaries
of UK Oil & Gas Plc, to drill the next infill oil production
well at Horse Hill Oil Field - the Horse Hill 3 well. This field,
just to the north of London's Gatwick Airport, continues to produce
35deg to 41deg degree API sweet quality oil from the discovery
well, and according to UKOG, the HH-1 well production to mid-March
2023 totalled over 185,000 barrels. Pennpetro must undertake a new
3D seismic programme over Horse Hill as a prerequisite to drilling
HH-3. The farm-in agreement is not yet unconditional, but Pennpetro
is hopeful that the Horse Hill Development partners will sanction
the Pennpetro involvement.
During the reporting period, the Company expanded its capital
base by the placement of 1,166,667 ordinary new shares to raise
GBP350,000 (gross) during March 2022 for additional working capital
purposes, and the appointment of Peterhouse Capital Limited as our
corporate broker. We also agreed the appointment of Zeus Partners
as joint broker and financial advisor.
Since the period end, the Company raised GBP1.5 million (gross)
with the issue of 10,000,000 new shares together with support from
existing shareholders as to their contributing shares. This
financing closed on 11 April 2023.
This financing was followed by a further raise for GBP300,000 in
May 2023 with the issuance of 5,800,000 new shares and again with
the support from existing shareholders. The Company also has access
to a $20 million financing facility, signed in May 2021, which
remains undrawn.
Pennpetro has a lot to get on with operationally this year.
Ideally, we would like to see at all of the Chalk Talk 1 and 4
wells, Chalk Talk #3H well (including the Whistling Straits #5
sidetrack) and City of Gonzales (COG #1) wells contributing to the
Company's cashflow between now and the end of 2023. We see a lot of
expansion potential for oil production in Texas on top of our
existing well portfolio and will endeavour to pursue low-cost oil
production as we move forward.
The past few years have been more than challenging for
Pennpetro. Tom Evans and his team have done a remarkable job in
keeping the Company alive through very difficult circumstances and
I thank them for their herculean efforts in doing so. I would also
like to thank our valued shareholders, partners and contractors for
their assistance over the past few years. Here's looking forward to
a much more fruitful 2023. Success if all about oil production and
we now have at least 4 wells to bring on line in Texas and
potentially a very exciting opportunity of drilling the next Horse
Hill production well in the UK.
David Lenigas Executive Chairman
18 October 2023
Executive Director's Statement
The reporting period for 15 months to the 31 March 2023 saw no
oil production from Gonzales County in Texas. Our COG #1 well was
shut in due to Covid related shut downs as per US Government
instructions. Production had not been restarted by the end of the
period, but plans are being put in place to look at putting COG #1
back into production by the end of Calendar Year 2023.
On the 16 March 2023 Pennpetro announced that its wholly owned
subsidiary, Nobel Petroleum USA Inc. ("Nobel") has reached an
important milestone towards becoming an oil producer again with the
execution of the 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. That announcement followed the
earlier RNS, dated 10 October 2022, announcing the signing of the
initial heads of terms agreement with Millennium.
On 28 March 2023, just prior to the end of the reporting period,
the Company made a number of very significant announcements. These
included a fresh financing for GBP1.5 million (gross), the
commitment to participate with Millennium in the Whistling Straits
#5H sidetrack well off the Chalk Talk #3H well and the appointment
of Mr David Lenigas as the Company's new Executive Chairman.
By the 14 April 2023, the well has been drilled to 10,195 feet
MD with a 7,632.22 feet true vertical depth ("TVD") having reached
our target and penetrated the crestal portion of the microfracture
swarm. It was reported that oil shows were seen on the rig's
skimmer tanks from 8,120 feet over numerous extended intervals with
gas flares registering between 129-226 units of gas including C1
through ti C4.
At that time, Nobel was paying 33.33% of the cost to drill and
complete this joint development well connected to the storage tanks
for a net 25% working interest (18.75% net revenue interest) as
well as a prospect fee which covers sunk costs relating to leasing,
land, legal, 3D seismic licensing, geological and geophysical
analysis.
Millennium, the Whistling Straits #5H well operator attempted to
flow the well with a JET pump and the partners decided that this
pump was unsuitable for this well and a down hole ESP pump would be
better suited.
On 27 June 2023, Nobel Petroleum USA Inc. ("Nobel") signed a
series of agreements with Millennium PetroCapital Corporation
("Millennium") to increase 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
with immediate effect in addition to 2,036.38 acres of oil
leases.
Nobel also has the exclusive right to acquire a 100% WI in two
nearby Chalk Talk wells (Chalk Talk #1H and Chalk Talk #4H) for no
additional costs, if Nobel determines that production can be
restored to one or both wells within a 90 day evaluation period. In
August 2023, Nobel exercised its rights to buy 100% of Chalk Talk
#1H and #4H. Initial production rates typically range from 100- 400
barrels of oil per day ("bopd"), based on unfracked analog wells
within the Austin Chalk Play for new wells. The Chalk Talk #1H well
has previously produced 55,000 barrels of oil between June 2020 and
July 2022 while the Chalk Talk #4H well produced 6,400 barrels of
oil between June 2021 and November 2021. Both wells were producing
at rates of approximately 15-20 bopd prior to being shut-in and
Nobel hopes to restore production to similar levels or better after
a thorough evaluation and contingent upon a well workover.
The Company plans to bring on oil production from Chalk Talk
#1H, Chalk Talk #3H (Whistling Straights #5H sidetrack) and COG #1
wells during 2023.
Going back to our City of Gonzales operations, our focus during
the latter part of 2021 and 2022 was to continue to develop our
proven reserve base at our licences in Gonzales, which had been
previously curtailed by Covid-19 and the ensuing pandemic
conditions imposed across all of the United States.
According to the Group's Competent Person's Report ("CPR"),
prepared in December 2017, Pennpetro had a Working Interest in
2,000 Mbbl of oil and 1,000 MMcf of gas across its Gonzales leases.
On 6 August 2019, Nobel increased its working interest in the
portfolio of petroleum interests from 75% to 100%, thereby its
Working Interest is now over 4,000 MBBL (4 millions barrels) of oil
and 2,000 MMcf (2 Bcf) of gas resulting in a substantive uplift in
our valuation metric.
Tunisia
In July 2022 the Company farmed into the prospective onshore
Saouaf petroleum permit in Tunisia held by Upland Resources
Limited. Unfortunately, post a visit by myself and Andy Clifford to
Tunisia and engaging with the relevant Tunisian Government
authorities, it was not possible to continue with this project due
to substantive unresolved Upland Resources limited issues regarding
the veracity of the permit. We elected to terminate our engagement
in November. However, Tunisia is an area to which we may well
return in the future as we have built excellent relationships
within the country, which has an attractive suite of under-explored
and under-developed opportunities.
United Kingdom - Horse Hill
On the United Kingdom domestic front, it was announced on 28
March 2023 that the Company had signed an agreement with UKOG
Limited and Horse Hill Developments Limited both subsidiaries of UK
Oil & Gas Plc to farm-in and drill the next infill oil
production well at the Horse Hill Oil Field located about 2 km
north of Gatwick Airport. The Agreement covers Horse Hill and its
surrounding licences covering an aggregate area of 142.9 square
kilometres.
The drilling of a new crestal infill, designated Horse Hill-3,
will be undertaken post completion of a high-definition 3D seismic
survey. We will receive a direct licence interest of 49% inclusive
production. UKOG advised in mid-March that continuing commitments
and financing costs remain low, manageable and flexible. The
farm-in agreement is not yet unconditional.
Corporate
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. The appointment of Andy Clifford in April 2020, a
highly seasoned and experienced oil professional as the President
of the Company's operational subsidiary Nobel Petroleum USA, Inc.,
together with the recent appointment of David Lenigas as our new
Executive Chairman, emphasises the Company's dedication to its
forward development profile.
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. With this aim we are taking
advantage of the prior industry downturn to accelerate the
positioning of our South Texas leasehold position in favour of the
Austin Chalks and Eagleford Shales. 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.
For 2022 and early 2023, our main objectives were to exit the
prior pandemic issues and to build upon the initiative that
commenced with the completion of our initial well, COG#1-H, and to
further acquire additional land leases.
Finally, I would like to thank the Board, management team and
all our advisers for their hard work over the last fifteen months
and also to our shareholders for their continued support.
Thomas Evans Executive Director
18 October 2023
Operations Report
Summary
Nobel Petroleum USA, Inc., has operational teams on the ground
working from its offices in Houston. During the period, one new
horizontal well in which the Group has an interest commenced
completion activity. The Group was planning to initiate an
encompassing 3D seismic survey in 2020 with Dawson Geophysical
Company to complement its comprehensive well logs geological
analysis, together with an enhanced programme of additional new
petroleum leasing contiguous to the area, with proposed planning to
provide a further number of permitted drilling locations by year
end. However, the onset of COVID-19 curtailed these plans.
In addition, the Company's subsidiary, Pennpetro USA Corp, Inc.,
through its highly regarded Houston based technical teams, has
continued to examine a number of asset opportunities encompassing
producing hydrocarbons with offsetting strategic leasehold
interests capable of both additional infill and expansionary
drilling locations. These activities are completed through the
Company's operational enterprise, Nobel Petroleum USA, Inc.
As reported on in the Operations report in the previous section,
we have acquired 100% ownership and become operator to the recently
drilled Whistling Straights #5 well in Gonzales country Texas,
together with the acquisition and assumption of the operatorship of
the Chalk Talk #1-H and #4-H wells, again both in Gonzales County,
Texas. We will be reverting to the ongoing development of the COG
assets once we have completion of the newly acquired assets from
Millennium PetroCapital Corporation.
SOUTH TEXAS
The Company, through its indirect wholly owned subsidiary, Nobel
Petroleum USA, Inc., holds interests in acreage within active oil
and gas plays within the County of Gonzales, State of Texas: The
Austin Chalk, and Eagleford Shale horizontal development and
vertical development of the Buda formation. Nobel Petroleum USA,
Inc. has observed an increase in the value of its interests within
its project acreage, due in part to uplifting its active equity
interests and increased consolidation of its acreage positions,
together with the continued operational successes to the immediate
south of its operational area.
Of particular interest is the recent drilling being undertaken
to the southern edge of the Nobel operational area by the
Millennium Group, who have averaged over 400 bpd of oil.
Austin Chalk
The play covers an extensive area with over a million acres yet
to be developed and runs all the way from the Pearsale Field south
of Gonzales to the giant Giddings Oil Field, the largest oilfield
found in Texas in the past 50 years to the north of Gonzales, and
further north onto the North Rayou Jack Field. Recently, this play
has extended into western Louisiana with a number of major players
including EOR Resources and Marathon acquiring strong acreage
positions. The Austin Chalk overlays the oil rich Eagleford Shale,
with both formations capable of interacting with each other, and is
a low permeability fractured reservoir that has been the target for
horizontal drilling since the mid-1980s and consists of interbedded
chalks, volcanic ash, and marls. It is located at drill depths from
7,000 to 8,000 feet. It can be a liquids-rich play, yielding high
volumes of oil and condensate. Initial production rates can range
over 1,000 bopd with ultimate reserves exceeding 500 MBO per
well.
Eagleford Shale
The Eagleford continues to prove itself as a world-class crude
oil formation having produced in excess of 2.9 billion barrels of
crude oil and condensate. This play is classified as a petroleum
system in that it is a self-sourced reservoir with seals. Migration
of Eagleford hydrocarbons was primarily along bedding planes during
the expulsion phase. Absent of traps, hydrocarbons migrated up-dip
or north where vertical natural fractures were encountered. These
natural fractures were associated with the regional fault trends.
Here, the hydrocarbons migrated into the extensively fractured
Austin Chalk. Initial production rates with laterals can exceed
1,000 bopd.
Buda Formation
The Buda is a biomicritic limestone lying below the Eagleford
Shale and above the Del Rio Shale. There has been an increase in
the focus on, and the development of, the Buda formation by a
number of US operators in South Texas, with a number of horizontal
wells having been completed. It is a development we are following
closely.
As previously identified, while the Buda has always been
acknowledged as a resource play in South Texas, it sits at the
bottom of our drilling prognosis, as it can be drilled as a
separate vertical completion and added to our overall horizontal
programme. Furthermore, its unit spacing can be brought
significantly down to 40 acres, thereby fulfilling a separate
in-fill operation alongside our horizontal drilling focus.
Thomas Evans Executive Director
18 October 2023
Financial Report
The financial results for the group for the 15 Months ended 31
March 2023 are presented below:
The financial results for the 15 Months ended 31 March 2023 show
a loss after tax of $318,902 (2021: loss $1,311,707).
The majority of the cost contributing to the Group's loss for
the year included legal and professional fees, loan arrangement
fees, directors' emoluments and interest charges, which were in
line with the Board's expectations. This has been partially offset
by a gain on loan modification of $497,939.
The Group's borrowings at 31 March 2023 were $4,018,369 (2021:
$4,256,262). In addition, as reported in the prior year, the
repayment date for the loan facility with Petroquest Energy Limited
was extended a further year to 31 December 2024.
The Group had cash balances at 31 March 2023 of $46,792 (2021:
$1,828) and short-term investments of $82,224 (2021: $34,914). The
year-on-year movement in cash and short-term investments was
primarily a result of cash raised from equity issues less cash used
in operating activities and development expenditure.
As at 31 March 2023, the Group had $878,000 (2021 $878,000)
still available to draw under its loan facility of $5m with
Petroquest Energy Limited.
In addition, the Group had a receivables balance at 31 March
2023 of $315,299 (2021: $309,456).
$100,000 was capitalised during the year to property, plant and
equipment in connection with the Millennium Petrocapital
Corporation Participation, Development and Option Agreement. As at
31 March 2023, total property, plant and equipment held by the
Group was $1,484,931 (2021:
$1,384,931).
The cumulative drilling-related expenditure capitalised in
intangible assets remained at $4,233,890 at 31 March 2023 (2021:
$4,233,890).
Thomas Evans Executive Director 18 October 2023
The annual report and financial statements for the 15 month
Period 31 March 2023 are available to download on the Company's
website at www.pennpetroenergy.co.uk . Some extracts from the
report and Accounts are shared below:
For further information visit www.pennpetroenergy.co.uk or
follow us on twitter @pennpetro or contact:
Pennpetro Energy PLC: tme@pennpetroenergy.com
Tom Evans, CEO
+44 (0) 7881825378
David Lenigas, Chairman lenigas@monaco-capital.com
Brokers:
Zeus Capital
Simon Johnson +44 (0) 207 614 5900
------------------------------
Peterhouse Capital Limited +44 (0) 20 7469 0930
Lucy Williams +44 (0) 20 7220 9797
Duncan Vasey
+44(0) 207 129 1474
Flagstaff Strategic and Investor pennpetro@flagstaffcomms.com
Communications
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 100%
Working Interest in 2,036.38 acres in Gonzales County in Texas.
These acres include the Whistling Straits #5 well and the Chalk
Talk #1H and #4H wells. Noble also 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.
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the 15-months ended 31 March 2023
15 Month Year ended
Note ended 31 31 December
March 2023 2021
$ $
------------------------ --------------------
Continuing Operations
Revenue - -
Administrative expenses 6 (556,494) (1,021,046)
------------------------ --------------------
Operating Loss (556,494) (1,021,046)
Gain on loan modification 20 497,939 -
Finance costs 9 (260,347) (290,661)
------------------------ --------------------
Loss before Tax (318,902) (1,311,707)
Income tax 10 - -
------------------------ --------------------
Loss for the year attributable to owners
of the parent (318,902) (1,311,707)
------------------------ --------------------
Other Comprehensive Income:
Items that may be reclassified subsequently
to profit or loss
Currency translation differences 50,127 (6,838)
------------------------ --------------------
Other Comprehensive Income for the Year 50,127 (6,838)
------------------------ --------------------
Total Comprehensive Income for
the Year attributable to the owners
of the parent (268,775) (1,318,545)
------------------------ --------------------
Loss per share attributable to
the owners of
the parent during the year
Basic (cents per share) 11 (0.39) (1.72)
Diluted (cents per share) (0.39) (1.72)
------------------------ --------------------
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the 15-month ended 31 March 2023
Note 31 March 31 December
2023 2021
$ $
------------------ ------------------
ASSETS
Non-Current Assets
Property, plant and equipment 12 1,484,931 1,384,931
Intangible assets 13 4,233,890 4,233,890
------------------ ------------------
Total Non-Current Assets 5,718,821 5,618,821
Current Assets
Trade and other receivables 15 315,299 309,456
Short term investments 16 82,224 34,914
Cash and cash equivalents 17 46,792 1,828
------------------ ------------------
Total Current Assets 444,315 346,198
TOTAL ASSETS 6,163,136 5,965,019
------------------ ------------------
EQUITY AND LIABILITIES
Equity Attributable to Owners of
Parent
Share capital 18 1,079,101 979,427
Share premium 18 6,610,719 4,121,700
Convertible reserve 4,172,846 6,021,575
Reorganisation reserve (6,578,229) (6,578,229)
Foreign exchange reserve 226,110 133,619
Retained losses (4,332,766) (4,013,864)
------------------ ------------------
Total Equity 1,177,781 664,228
Current Liabilities
Trade and other payables 21 966,986 1,044,529
Borrowings 20 - 4,256,262
------------------ ------------------
Total Current Liabilities 966,986 5,300,791
Non- Current Liabilities
Borrowings 20 4,018,369 -
------------------ ------------------
Total Non-Current Liabilities 4,018,369 -
TOTAL EQUITY AND LIABILITIES 6,163,136 5,965,019
------------------ ------------------
PENNPETRO ENERGY PLC
COMPANY STATEMENT OF FINANCIAL POSITION
For the 15-months ended 31 March 2023
Note 31 March 31 December
2023 2021
$ $
------------------ -------------------
ASSETS
Non-Current Assets
Investments in subsidiaries 14 6,440,980 7,038,631
Property, plant and equipment 12 - -
------------------ -------------------
Total Non-Current Assets 6,440,980 7,038,631
Current Assets
Trade and other receivables 15 2,957,318 3,093,418
Short term investments 16 82,224 34,914
Cash and cash equivalents 17 - -
------------------ -------------------
Total Current Assets 3,039,542 3,128,332
TOTAL ASSETS 9,480,522 10,166,963
------------------ -------------------
EQUITY AND LIABILITIES
Equity Attributable to Shareholders
Share capital 18 1,079,101 979,427
Share premium 18 6,610,719 4,121,700
Convertible reserve 4,172,846 6,021,575
Foreign exchange reserve (334,293) 575,249
Retained losses (3,406,463) (2,866,030)
------------------ -------------------
Total Equity 8,121,910 8,831,921
Current Liabilities
Trade and other payables 21 1,358,612 1,335,042
------------------ -------------------
Total Current Liabilities 1,358,612 1,335,042
TOTAL EQUITY AND LIABILITIES 9,480,522 10,166,963
------------------ -------------------
The Company has elected to take the exemption under Section 408
of the Companies Act 2006 from presenting the parent company
Statement of Comprehensive Income. The loss for the parent company
for the period was $540,433 (2021: $991,451).
PENNPETRO ENERGY PLC
CONSOLIDATED STATEMENT OF CASH
FLOWS
For the 15-month period ended
31 March 2023
15 Months Year ended
ended 31 31 December
March 2023 2021
$ $
------------------ -------------------
Cash Flows from Operating Activities
Loss before tax (318.902) (1,311,707)
Foreign exchange 778 (8,078)
Result on loan amendment (497,939) -
Finance costs 260,347 290,661
Share base payment charge - 229,224
------------------ -------------------
(555,716) (799,900)
Changes to working capital
Increase in trade and other
receivables (5,843) (511)
Increase in trade and other
payables 171,667 548,671
------------------ -------------------
Cash used in operations (389,892) (251,740)
Interest paid - -
------------------ -------------------
Net Cash used in Operating Activities (389,892) (251,740)
------------------ -------------------
Cash Flows from Investing Activities
Purchases of property, plant
and equipment (100,000) (617)
(Increase)/ decrease of short-term
investments (47,310) 14,238
------------------ -------------------
Net Cash (used in)/ generated
from Investing Activities (147,310) 13,621
------------------ -------------------
Cash Flows from Financing Activities
Loan repaid - (65,938)
Proceeds from issues of ordinary 582,166 -
shares
Advances received from borrowings - 304,556
------------------ -------------------
582,166 238,618
--------------- --------------
44,964 499
1,828 1,329
46,792 1,828
Net Cash generated from Financing Activities
Net Increase in Cash and Cash Equivalents
Cash and cash equivalents at the beginning of the period
Cash and Cash Equivalents at the End of the Period
Non-cash transactions (refer note 18)
Share issue 30 March 2022 - partial exercise of convertible loan
for equivalent proceeds of $1,848,729 Share issue July 2022 -
settlement of liability through shares for total of $330,267
Share issue November 2022 - settlement of liability through
shares for total of $18,533
The notes on pages 42 to 68 form part of these financial
statements .
PENNPETRO ENERGY PLC
COMPANY STATEMENT OF CASH FLOWS
For the 15 month period ended 31
March 2023
15 Months Year ended
31 December
period 31 2021
March 2023 $
$
------------------- --------------------
Cash Flows from Operating Activities
Loss before tax (540,433) (991,451)
Share based payments - 229,224
Unrealised foreign exchange 2,496 (6,838)
------------------- --------------------
(537,937) (769,065)
Changes to working capital
Increase in trade and other receivables (134,753) (31,306)
Increase in trade and other payables 137,834 786,133
------------------- --------------------
Cash used in operations (534,856) (14,238)
------------------- --------------------
Net cash used in Operating Activities (534,856) (14,238)
------------------- --------------------
Cash Flows from Investing Activities
(Increase)/ decrease of short-term
investments (47,310) 14,238
------------------- --------------------
Net Cash used in Investing Activities (47,310) 14,238
------------------- --------------------
Cash Flows from Financing Activities 582,166 -
Proceeds from issue of ordinary
shares
------------------- --------------------
Net Cash generated from Financing 582,166 -
Activities
------------------- --------------------
Net movement in Cash and Cash Equivalents - -
Cash and cash equivalents at the - -
beginning of the
year
Net Decrease in cash and cash equivalents - -
Cash and Cash Equivalents at the
End of the Year
------------------- --------------------
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END
FR NKKBQABDKOKB
(END) Dow Jones Newswires
October 20, 2023 03:19 ET (07:19 GMT)
Pennpetro Energy (LSE:PPP)
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Pennpetro Energy (LSE:PPP)
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