TIDMPPP
RNS Number : 4383N
Pennpetro Energy PLC
30 September 2021
30 September 2021
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Results for the 6 months ended 30 June 2021 (Unaudited)
Pennpetro Energy, an independent oil and gas company focusing on
production in the Gonzales Oil Field in Texas, USA, announces today
its unaudited financial results for the six months ended 30 June
2021.
Financial summary
-- The financial results for the six months ended 30 June 2021
show a loss after tax of US$482,000 (H1 2020: loss of
US$592,000).
-- The Group's borrowings, which were non-current, as at 30 June
2021 were US$4,057,000 (H1 2020: US$4,141,000).
Operational summary
-- The Covid-19 pandemic curtailed all Texas based operational activity.
-- Significant developments in the pursuit of Proprietary
Intellectual Property green technologies.
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
favor 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. During the pandemic,
we continually reviewed our strategic opportunities and based on
the results delivered by some of our close petroleum drilling
neighbours, we decided to focus on the drilling of our second
horizontal well (COG#2-H) by way of a Pad (Production Platform)
which would also allow us to drill out additional horizontal legs
by extending into the differing Austin Chalk pathways at a much
condensed expense. The same methodology would be utilised for our
third horizontal well (COG#3-H). Following on from the drilling of
wells COG#2 and COG#3, our objective will be to re-enter the Austin
Chalk formation of the COG#1 well which flowed oil, with a view to
placing that formation on full production.
During the reporting period, the Covid-19 pandemic caused, and
continues to cause severe problems in Texas. The State has been one
of the hardest hit states within North America, resulting in the
imposition of strict lockdowns by the State Governor. We anticipate
a softening in the fourth quarter, which will enable us to resume
our operational activity.
Chairman's Statement
During the period under review, the Company faced severe
problems with regard to its ongoing operations in Texas, the
Company's prime area of operating, as the State encountered
substantial headwinds from the imposed State covid lockdowns and
restrictions.
Despite the challenges presented by Covid, over the past few
months, we continued our negotiations for the acquisition of an
exciting Intellectual Property portfolio within the green
technologies sector. The technologies which have been developed
from within the petroleum sector encompass the provision of Green
Energy by the remediation of both petrochemical and industrial
waste without any harmful emissions released into the atmosphere,
truly embracing the ethos of alternative energy whilst protecting
the environment, as well as providing the Company with the ESG
green credentials. We have agreed to commercialise the technology
through a separate associated enterprise to progress under the
initiatives driven by both the UK and European authorities with
regard to exceptionally strong aims in bringing ESG, sustainability
and climate to the forefront of corporate development. The UK is
the only global financial centre that is also a green finance hub,
with major green platforms developed by the London Stock Exchange,
leading the sustainable finance ecosytem. As we progress, we will
update the market.
The period under review has been challenging due to a number of
unprecedented factors. However, the Company is well placed to
capitalise not only on the continued recovery of the US and global
petroleum sectors, but on our pursuit of the most exciting green
technologies. Our aim is to be an encompassing and responsible
energy company.
We remain confident in our petroleum assets and our US
operations, and the Board will continue to build upon what has been
a promising and busy period for the Group.
Olof Rapp
Non-Executive Director, Chairman
30 September 2021
Executive Director's Statement
Operations
As prior reported, the Operator filed formal completion
certificates with the Texas Railroad Commission confirming that the
COG#1-H well is being completed as an initial producer to the Buda
formation. As reported in the overview, we will look to expand our
drill focused activities, initially by focusing on the drilling of
two new wells by way of a production platform. Thereafter, our aim
is to re-enter the Austin Chalk formation of the COG#1 well which
flowed oil, with a view to placing that formation on full
production. In conjunction with increasing our ownership in the
oilfield leases from 75% to 100%, we took steps with the Texas
Railroad Commission to assume the Operatorship of the project. The
Texas Railroad Commission has now formally approved the transfer,
and our subsidiary company, Nobel Petroleum USA, Inc., is now the
Operator of record. Our management team have alongside the current
Operator's management team to expand and assist our ongoing
activities.
In this oil price environment, Pennpetro is emerging as a
low-cost, asset-backed US onshore oil and gas business. Subject to
oil prices, as well as market conditions and sentiment, which
currently are positive given that the price of West Texas
Intermediate has held substantially above US$60, coupled with the
reduced US shale operations and shut-ins, I remain confident that
we can deliver on our strategy by acquiring leases in active and
producing US onshore plays and confirming reserves by drilling new
wells.
As mentioned, this platform is based on 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 alongside established industry partners and operators.
Individual well risk is managed by building a diversified portfolio
of leases and wells and limiting the amount of interest the Group
holds in any one well; 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 previously reported, EOG Resources has also turned its full
attention to the Austin Chalk formations both in Texas and its
continuance into Louisiana with recent acquisitions by
Conoco-Phillips, Marathon Oil Corp, alongside the recent formation
of Magnolia Oil by TPG Pace Energy and EnerVest to specifically
focus on the Austin Chalk, as the Austin Chalk has a higher oil
content than Permian drilled completions. Gonzales County sits
right in the middle of the Austin Chalk trend.
Board
Pennpetro's Board currently comprises two 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.
We believe the Company's Board and US management based in
Houston represent a strong team 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$41.96/bbl in 2020,
and US$61.94 during first 6 months of 2021. The value of WTI as at
28 September 2021 was US$76.38/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. To this we can add
the unexpected bonus of the Buda Limestone formation reserves which
we can now confidently state will increase our overall proved oil
reserves, albeit we await a formal new CPR to be prepared in this
regard.
In 2020, our main City of Gonzales objectives were to commence
full production of the COG#1-H well, acquire additional land leases
and basis a review of legacy 2D seismic to carry out a 3D seismic
survey of our land interests. With the Covid-19 pandemic, these
objectives were thrown into total disarray. However, we still
anticipate that we will be able to recommence our operations in
late fourth quarter 2021 as discussed above.
We are confident in the future and I look forward to providing
updates on our progress .
Finally, I would like to thank the Board, management team and
all our advisers for their hard work over the period under review
and also to our shareholders for their continued support.
Thomas Evans
Executive Director
30 September 2021
For further information, please contact:
Pennpetro Energy plc
Thomas Evans tme@pennpetroenergy.co.uk
Instinctif
Galyna Kulachek +44 (0)20 7457 2020 pennpetro@instinctif.com
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.
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 2021 interim financial period
A summary of the key financial results is set out in the table
below:
Half year Full year Half year
ended ended ended
30 Jun 2021 31 Dec 2020 30 Jun 2020
US$'000 US$'000 US$'000
--------------------- ------------ ------------ ------------
Revenue - 67 -
Operating expenses (351) (1,378) (455)
--------------------- ------------ ------------ ------------
Operating loss (351) (1,311) (455)
Finance income 5 2 5
Finance costs (136) 263 (142)
--------------------- ------------ ------------ ------------
Loss before tax (482) (1,046) (592)
Taxation - - -
--------------------- ------------ ------------ ------------
Loss for the period (482) (1,046) (592)
Interest
The net interest cost for the Group for the period was
US$131,000 (2020: US$137,000).
Loss before tax
Loss before tax for the period was US$0.4m (2020: US$0.5m).
Taxation
Taxation charge was US$nil for the period (2020: US$nil).
Earnings per share
Basic and diluted earnings per share for the period were 0.63c
loss (2020: 0.80c loss).
Financial position
The Group's balance sheet as at 30 June 2021 can be summarised
as set out in the table below:
Assets Liabilities Net assets
US$'000 US$'000 US$'000
-------------------------------- -------- ------------ -----------
Non-current assets 5,618 - 5,618
Current assets and liabilities 434 (499) (65)
Loans and provisions - (4,057) (4,057)
Total as at 30 June 2021 6,052 (4,556) 1,496
-------------------------------- -------- ------------ -----------
Total as at 31 December 2020 5,978 (4,224) 1,754
-------------------------------- -------- ------------ -----------
Total as at 30 June 2020 6,030 (4,515) 1,515
-------------------------------- -------- ------------ -----------
Cash flow
Net cash outflow for 2021 was US$1,000 (2020: US$nil).
Consolidated Income Statement
For the six months ended 30 June 2021
Notes Unaudited Audited Unaudited
Half year Full Half year
ended year ended ended
31 Dec 30 Jun
30 Jun 2021 2020 2020
Continuing operations US$'000 US$'000 US$'000
Revenue - 67 -
Cost of sales - - -
---------------------------------- ------ ------------ ------------ -----------
Gross profit - - -
---------------------------------- ------ ------------ ------------ -----------
Operating expenses (351) (1,378) (455)
---------------------------------- ------ ------------ ------------ -----------
Operating loss (351) (1,311) (455)
Finance income 5 2 5
Finance expense (136) 263 (142)
Loss before income tax (482) (1,046) (592)
Taxation - - -
Loss for the period attributable
to the owners of the Company (482) (1,046) (592)
---------------------------------- ------ ------------ ------------ -----------
Loss per share attributable
to owners of the Company
From continuing operations:
Basic & diluted (cents per
share) 2 (0.63) (1.39) (0.80)
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2021
Unaudited Audited Unaudited
Half year Full year Half year
ended ended ended
30 Jun 2021 31 Dec 2020 30 Jun 2020
US$'000 US$'000 US$'000
--------------------------------- ----------- ----------- -----------
Loss for the period (482) (1,046) (592)
Other comprehensive income
--------------------------------- ----------- ----------- -----------
Items that may be subsequently
reclassified as profit or loss
Currency translation differences 20 79 (319)
--------------------------------- ----------- ----------- -----------
Total comprehensive loss for the
year attributable to the owners
of the Company (462) (967) (911)
--------------------------------- ----------- ----------- -----------
Consolidated Balance Sheet
As at 30 June 2021
Notes Unaudited Audited Unaudited
30 Jun 2021 31 Dec 2020 30 Jun 2020
US$'000 US$'000 US$'000
Non-current assets
------------------------------- ------ ------------- ------------- -------------
Property, plant & equipment 4 1,384 1,384 1,363
Intangible assets 5 4,234 4,234 4,264
------------------------------- ------ ------------- ------------- -------------
Total non-current assets 5,618 5,618 5,627
------------------------------- ------ ------------- ------------- -------------
Current assets
------------------------------- ------ ------------- ------------- -------------
Trade and other receivables 309 310 323
Short term investments 125 49 72
Cash - 1 8
------------------------------- ------ ------------- ------------- -------------
Total current assets 434 360 403
------------------------------- ------ ------------- ------------- -------------
Total assets 6,052 5,978 6,030
=============================== ====== ============= ============= =============
Equity and liabilities
------------------------------- ------ ------------- ------------- -------------
Share capital 3 979 979 979
Share premium 3 4,122 4,122 4,083
Convertible reserve 6,022 6,022 6,022
Reorganisation reserve (6,578) (6,578) (6,578)
Foreign exchange reserve 160 140 (258)
Share based payment reserve 1,043 839 584
Retained losses (4,252) (3,770) (3,317)
------------------------------- ------ ------------- ------------- -------------
Total equity 1,496 1,754 1,515
------------------------------- ------ ------------- ------------- -------------
Non-current liabilities
------------------------------- ------ ------------- ------------- -------------
Borrowings 4,057 - 4,141
------------------------------- ------ ------------- ------------- -------------
Total non-current liabilities 4,057 - 4,141
------------------------------- ------ ------------- ------------- -------------
Current liabilities
------------------------------- ------ ------------- ------------- -------------
Borrowings - 3,728 -
Trade and other payables 499 496 374
------------------------------- ------ ------------- ------------- -------------
Total current liabilities 499 4,224 374
------------------------------- ------ ------------- ------------- -------------
Total Equity and Liabilities 6,052 5,978 6,030
=============================== ====== ============= ============= =============
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2021
Group Share Share premium Convertible Share based Re-organisation Retained Total
capital reserve payment reserve reserve Foreign losses Equity
exchange
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 1
January 2020 927 1,539 6,022 439 (6,578) 61 (2,725) (315)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Loss for the
period - - - - - - (592) (592)
Currency
translation
differences - - - - - (319) - (319)
Total
comprehensive
loss
for the period - - - - - (319) (592) (911)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Shares issued 52 2,544 - - - - - 2,596
Share based
payments - - - 145 - - - 145
Balance at 30
June 2020 979 4,083 6,022 584 (6,578) (258) (3,317) 1,515
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Loss for the
period - - - - - - (453) (453)
Currency
translation
differences - 39 - - - 398 - 437
Total
comprehensive
loss
for the period - - - - - 398 (453) (55)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Share based
payments - - - 255 - - - 255
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 31
December 2020 979 4,122 6,022 839 (6,578) 140 (3,770) 1,754
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Loss for the
period - - - - - - (482) (482)
Currency
translation
differences - - - - - 20 - 20
Total
comprehensive
loss
for the period - - - - - 20 (482) (462)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Share based
payments - - - 204 - - - 204
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 30
June 2021 979 4,122 6,022 1,043 (6,578) 160 (4,252) 1,496
=============== ======== ============= =========== =============== =============== ========== ======== =======
Consolidated Cash Flow Statement
For the six months ended 30 June 2021
Unaudited Audited Unaudited
Half year Full year Half year
ended ended ended
30 Jun 2021 31 Dec 2020 30 Jun 2020
US$'000 US$'000 US$'000
-------------------------------------- ------------ ------------ ------------
Cash flows from operating activities
-------------------------------------- ------------ ------------ ------------
Loss for the period (482) (1,046) (592)
Adjustment for:
Depreciation - 1 1
Amortisation - 75 45
Unrealised foreign exchange (18) 1,068 (155)
Write-off - (131) -
Finance income (5) (2) -
Finance costs 136 (263) 136
Share based payment charge 196 363 179
Decrease in receivables - 48 35
Increase in payables 3 230 108
Interest paid - (271) -
Net cash used in operating activities (170) 72 (243)
-------------------------------------- ------------ ------------ ------------
Cash flows from investing activities
-------------------------------------- ------------ ------------ ------------
Increase in development expenditure - (67) (67)
Purchase of property, plant &
equipment - (23) (2)
Short-term investments (76) 11 (12)
Net cash used in investing activities (76) (79) (81)
-------------------------------------- ------------ ------------ ------------
Cash flows from financing activities
-------------------------------------- ------------ ------------ ------------
Shares issued - - 2,596
Repayment of borrowings (65) - (2,350)
Proceeds from borrowings 310 - 84
Borrowing costs - - (6)
Net cash generated from financing
activities 245 - 324
-------------------------------------- ------------ ------------ ------------
Net decrease in cash and cash
equivalents (1) (7) -
-------------------------------------- ------------ ------------ ------------
Cash and cash equivalents brought
forward 1 8 8
-------------------------------------- ------------ ------------ ------------
Exchange gain on cash and cash
equivalents - - -
-------------------------------------- ------------ ------------ ------------
Cash and cash equivalents carried
forward - 1 8
-------------------------------------- ------------ ------------ ------------
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
Nobel Petroleum UK Limited UK 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 Main Board 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 2020.
The changes in accounting policy set out below will also be
reflected in the Group's consolidated financial statements for the
year ended 31 December 2021, 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.
Half year Half year
ended (Audited) Full year ended ended
30 Jun 2021 31 Dec 2020 30 Jun 2020
Loss attributable to equity holders of the Company (US$'000) (482) (1,046) (592)
Weighted average number of shares in issue
(Number '000) 76,452 75,109 73,737
------------------------------------------------------------- ----------- ------------------------- -----------
Earnings per share (cents) (0.63) (1.39) (0.80)
------------------------------------------------------------- ----------- ------------------------- -----------
3. Share capital and premium
Ordinary shares Share premium
Group Number of shares Value Value Value Value Total
GBP US$ GBP US$ US$
At 1 January 2020 72,333,702 723,337 926,711 1,187,498 1,538,636 2,465,347
================== ======== ======== ========== ========== ==========
Share issue 4,118,404 41,184 51,932 2,018,018 2,544,686 2,596,618
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 2020 76,452,106 764,521 979,427 3,205,516 4,121,700 5,101,127
================== ======== ======== ========== ========== ==========
At 30 June 2021 76,452,106 764,521 979,427 3,205,516 4,121,700 5,101,127
================== ======== ======== ========== ========== ==========
4. Property, plant and equipment
Petroleum Office Total
(Mineral Leases) Equipment US$
Cost US$ US$
At 1 January 2020 1,361,163 11,512 1,372,675
Additions 2,000 - 2,000
Currency translation - (623) (623)
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 2021 1,384,314 11,886 1,396,200
Accumulated Depreciation and Impairment
At 1 January 2020 - 9,941 9,941
Charge for the period - 1,233 1,233
Currency translation - (573) (573)
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
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 2020 1,384,314 - 1,384,314
================== =========== ==========
At 30 June 2021 1,384,314 - 1,384,314
================== =========== ==========
5. Intangible assets
Drilling Loan arrangement fees Total
costs US$ US$
Cost US$
At 1 January 2020 4,166,737 270,339 4,437,076
Additions 67,153 - 67,153
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
Amortisation
At 1 January 2020 - 195,245 195,245
Amortisation charge for the year - 45,056 45,056
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
Net Book Amount
At 1 January 2020 4,166,737 75,094 4,241,831
========== ====================== ==========
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
========== ====================== ==========
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