TIDMPPP
RNS Number : 7526D
Pennpetro Energy PLC
01 July 2021
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Results for the year ended 31 December 2020
Pennpetro Energy, an independent oil and gas company focusing on
production in the Gonzales Oil Field in Texas, USA, announces that
on 30 June 2021 the Company published its financial results for the
year ended 31 December 2020.
Chairman's Statement
I am pleased to present the annual results for Pennpetro Energy
PLC ("Pennpetro") for the year ended 31 December 2020.
I write to you during what has been the most difficult of times
for businesses and families globally. A pandemic not seen in our
lifetimes, that has challenged every aspect of the way we live and
interact, not only on a commercial basis, but how we live our lives
day to day.
As a business we dealt with the challenges brought about by the
COVID-19 pandemic swiftly and humanely to not only ensure the
wellbeing of our employees but also the retention of value for our
shareholders.
In February of 2020 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.
With operations unable to continue we sought to shape Pennpetro
to emerge stronger and better positioned to accelerate its growth
profile from these challenging times.
To that end I am pleased to welcome Andy Clifford as President
of Nobel Petroleum USA Inc., - with overall responsibility for the
development of our North American assets. Andy is a highly seasoned
oil professional with over 42 years of experience in domestic and
international exploration, development, and production with a
proven track record of exploration and acquisition successes in
practically every import petroleum basin in the world and is
credited with the discovery of over two billion BOE of reserves
worldwide having worked for ExxonMobil, Kuwait Foreign Petroleum,
BHP Billiton, Aurora Gas and Saratoga.
I would like to thank our outgoing board members Mr Edelman, and
Mr Nash who have worked tirelessly since our listing. They have
certainly helped set a solid foundation of management, accounting,
and governance for Pennpetro.
They have been drawn into more time demanding roles over this
difficult pandemic period, but I am grateful that they remain
strongly supportive active consultants and shareholders in the
company.
The past year has been challenging financially for individuals
and corporate enterprises alike, the Board therefore not only
undertook a strategy of asset protection but also a strategy that
allowed us to potentially leverage our existing position for
growth. To that end we agreed a three-year GBP20,000,000 share
subscription facility with the GEM Group, New York (a US$3.4
Billion alternative investment group), through their affiliates,
which was completed in June. The Board also continues to seek
accretive options for corporate development.
In addition, the Company, recognising the global impact of
environmental concerns, has instigated due diligence with regard to
expanding its experiences and core competencies within the fossil
environment and petroleum drilling to specific green energy
initiatives securitised with US intellectual property filings to be
expanded internationally.
We remain confident in our petroleum assets, our US operations,
and the Board, to continue to build upon what has been a very
challenging year for the Group.
Olof Rapp
Non-Executive Director, Chairman
30 June 2021
Executive Director's Statement
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 City of Gonzales Lease ("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.
Asset acquisitions of producing hydrocarbons and suitable
green energy technologies.
Our focus during 2020 was to continue to develop our proven
reserve base at our licences in Gonzalez - this was unfortunately
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 Gonzalez leases.
Most recently, Nobel has increased its working interest in the
portfolio of petroleum interests from 75% to 100%, thereby its
Working Interest is now over 4,000 MBBL of oil and 2,000 MMcf of
gas resulting in a substantive uplift in our valuation metric.
The low oil price environment since mid-2014 presented the
opportunity to acquire leases in our core areas of focus, most
notably the prolific Austin Chalk and Eagleford Shale in South
Texas. We have been able to add additional reserves from the Buda
Formation from the drilling of an initial horizontal well, which as
prior reported we have now completed with the operator having
advised the Texas Railroad Commission, the local authority, that
the well is designated as a discovery and commercial unit.
Commercial quantities of test hydrocarbons have been sold from this
well. The submersible jet pumping unit to the well required
significant remedial work as the unit supplied by the vendor was
found to have certain issues with regard to the deliverability ' s
of electrical input through the provided electrical circuit boards
resulting in operational impairment. This work unfortunately caused
significant delays to the Buda oil recovery operations, as the well
was required to be suspended on a number of occasions.
As water from prior extensive flooding in the Buda oil formation
would need to be pumped out in order to regain pressure and
recommence hydrocarbon deliverability from the reservoir, it was
decided that as the Buda operations had now achieved the important
positive result of confirming that this reservoir was now drill
confirmed to be oil active over the acreage and a confirmed
secondary recovery reserve, the company ' s focus would revert to
cleaning out and re-entering the Austin Chalk formation which we
had drilled out to 3,300 feet horizontally and which had tested
positive for both oil and gas recovery. The Austin Chalk formation
was drilled out at approximately 7,200 feet sub-surface, whereas
the Buda was intersected at 8,500 feet sub-surface.
This process would require that we case-off the lower Buda
formation until needed to deplete in the future and initiate a
work-over rig operation to re-enter and clean out the horizontally
drilled formation leg to initiate hydrocarbon recovery from this
proven oil interval. However, during the pandemic we continually
reviewed our strategic opportunities and decided in line with the
results delivered by some of our close petroleum drilling
neighbours to benefit from their operational experiences and
excellent results to move our focus to the drilling of our second
horizontal well (COG#2-H) by way of a Pad (Production Platform).
This would also allow us to drill out additional horizontal legs by
way of extension 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).
As this operational technique was not available to us at the
time for our initial well, COG#1-H, it is now timely to implement
this enhanced drilling arrangement and then return to COG#1-H to
recomplete the well. into the prior drill proved production
horizon, assessing the economics of the straight cleanout as
currently envisaged, or amplify by utilising the Pad experiences
for extending the lateral out to 5,000 foot as allowable under the
initial RRC drilling authority and capture an additional 3 to 4
fractures which will impact the EUR.
The wells we are drilling and plan to drill are economic at oil
prices sub US$30/bbl; record production rates have been reported as
the horizontal laterals are extended and the amount of pay in each
well has increased; drilling and completion costs have been
significantly reduced; and initial decline rates during the first
12-18 months of production are lower than those in other US plays.
Over the last two years, we have taken advantage of depressed
market conditions to increase our exposure to these areas.
West Texas Intermediate ( "WTI") averaged US$39.68/bbl during
2020, $17.31 per barrel lower than in 2019. The value of WTI as at
22 June 2021 was US$70.94/bbl. (source: Bloomberg Markets).
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
moved 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.
Financially, the Company used 2020 to further lay the
foundations for future revenue generation.
Reduced economic activity related to the COVID-19 pandemic
caused changes in energy demand and supply patterns in 2020 and
will continue to affect these patterns in the future. U.S. gross
domestic product (GDP) declined by 4.4% in the first half of 2020
from the same period a year ago. GDP began rising in the third
quarter of 2020, with the assumption that it will grow by 3.1%
annually in 2021 from 2020. The U.S. macroeconomic assumptions are
based on forecasts by IHS Markit completed in early November
2020.
During early 2020 the oil price was severally antagonised by the
emergence of the Covid-19 world-wide pandemic, leading to the most
unsettled oil environment for many years. However, recently due to
both the US shale industry being severally impacted by the oil
price and re-emergence of a combined consensus at OPEC, there has
been not only a re-emergence of price stability, but a very
significant uplift in the oil price to currently US$72/bbl - with
many commentators predicting that this pricing trend will not only
stabilise over the coming year, but further increase yet again to
potentially challenge what we call $100 oil. To this bullish
scenario, it needs to be further understood that the Company ' s
oil deliveries benefit from an approximately $5 pricing premium for
local refiners as they need our slightly heavier oil to blend out
with lighter oil for domestic delivery.
In this stabilised oil price environment, Pennpetro has emerged
from the oil vicissitudes as a low-cost, asset-backed US onshore
oil and gas business. 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, such as EOG Resources, Inc., a
multi-billion dollar Goliath; 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.
Our asset acquisition strategies target only 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 a number of
asset opportunities having been investigated, and now with the new
era post Covid-19 upon us, we expect further new opportunities.
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 highly
active plays. The appointment of Andy Clifford in April, a highly
seasoned and experienced oil professional as the President of the
Company ' s operational subsidiary Nobel Petroleum USA, Inc.,
emphasises the Company ' s dedication to its forward development
profile. Andy ' s appointment coincided with the resignation of
Keith Edelman, who remains as a valued consultant to the Company.
Philip Nash also departed the board in June due to a full-time
involvement and increased obligations to a corporate sports
enterprise.
We believe the Company ' s Board and US management team is
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.
As has been reported, the Company in April converted a
GBP2,059,202 loan obligation with the issuance of 4,118,404 new
shares at GBP0.50/share. During May 2021 the Company also concluded
a three-year GBP20 Million shares subscription facility with the
GEM Group, New York (a US$3.4 billion alternative investment
group), through their affiliates. The Company also agreed to issue
12,000,000 warrants exercisable at 40 pence each as part of this
transaction.
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.
For 2020, our main objectives were to build upon the initiative
that commenced with the completion of our initial well, COG#1-H,
and to further acquire additional land leases and to progress the
permitting and horizontal development of our second objective well.
As explained, during the pandemic we reassessed our strategic
drivers with the notion of how we were going to deliver our second
and third horizontal wells with a greater technical focus. I look
forward to providing updates on our progress in the year ahead.
Finally, I would like to thank the Board, management team and
all our advisers for their hard work over the last twelve months
and also to our shareholders for their continued support.
Thomas Evans
Executive Director
30 June 2021
Operations Report
Summary
Nobel Petroleum USA, Inc., has operational teams on the ground
working from its offices in the City of Gonzales. 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. Planning
is now initiated for the drilling of the Company ' s second
horizontal well, COG#2-H, for reasons as explained in detail
herein, with the side-track/re-entry to the oil-bearing Lower
Austin Chalk formation in the Company ' s initial production well,
COG #1-H, reserved for that operation post completion of
COG#2-H.
In addition, the Company ' s recently formed corporate entity,
Pennpetro USA Corp, Inc., through its highly regarded Houston based
technical teams, has begun to examine a number of asset
opportunities encompassing producing hydrocarbons with offsetting
strategic leasehold interests capable of both additional infill and
expansionary drilling locations, which has been amplified by the
new era deigned by the global Covid-19 virus pandemic.
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.
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 Eagle Ford 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
30 June 2021
Financial Report
The financial results for the group for the year ended 31
December 2020 are presented below:
The financial results for the year ended 31 December 2020 show a
loss after tax of $1,046,512 (2019: loss $1,668,410).
The majority of the cost contributing to the Group's loss for
the year included legal and professional fees, directors'
emoluments and interest charges, which were in line with the
Board's expectations.
The Group's borrowings at 31 December 2020 were $3,727,995
(2019: $6,078,992). The 2019 balance outstanding included a loan of
$2,417,946 which was converted into shares at a price of GBP0.50
per share in January 2020. In addition, post year-end the repayment
date for the loan facility with Petroquest Energy Limited was
extended a further year to 31 December 2022.
The Group had cash balances at 31 December 2020 of $1,329 (2019:
$8,384) and short-term investments of $49,152 (2019: $60,001). The
year on year decrease in cash and short-term investments was
primarily a result of cash used in operating activities and
development expenditure.
As at 31 December 2020, the Group had $1.1m (2019 $1.1m) still
available to draw under its loan facility of $5m with Petroquest
Energy Limited.
On 30 April 2020, the Company issued 4,118,404 ordinary shares
at a price of GBP0.5 per share, raising gross proceeds of
GBP2,059,202. The shares were issued as part of the settlement of a
loan entered into by Nobel Petroleum LLC.
In addition, the Group had a receivables balance at 31 December
2020 of $308,943 (2019: $356,928).
Additions of $23,151 were capitalised in property, plant and
equipment during 2020 on the Petroleum mineral leases. As at 31
December 2020, total property, plant and equipment held by the
Group was $1,384,314 (2019: $1,362,734).
Following additions of $67,153, cumulative drilling-related
expenditure which has been capitalised in intangible assets was
$4,233,890 at 31 December 2019 (2019: $4,166,737).
Thomas Evans
Executive Director
30 June 2021
ENQUIRIES
For further information, please contact:
Pennpetro Energy plc
Thomas Evans tme@pennpetroenergy.co.uk
Instinctif
Galyna Kulachek / Sarah Hourahane pennpetro@instinctif.com
+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.
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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note Year ended Year ended
31 December 31 December
2020 2019
$ $
-------------------- --------------------
Continuing Operations
Revenue 66,798 -
Administrative expenses 6 (1,378,164) (1,143,330)
-------------------- --------------------
Operating Loss (1,311,366) (1,143,330)
Finance income 9 2,058 944
Finance costs 9 262,796 (526,024)
-------------------- --------------------
Loss before Tax (1,046,512) (1,668,410)
Income tax 10 - -
-------------------- --------------------
Loss for the year attributable to
owners of the parent (1,046,512) (1,668,410)
-------------------- --------------------
Other Comprehensive Income:
Items that may be reclassified subsequently
to profit or loss
Currency translation differences 79,008 69,310
-------------------- --------------------
Other Comprehensive Income for the
Year 79,008 69,310
-------------------- --------------------
Total Comprehensive Income for the
Year attributable to the owners of
the parent (967,504) (1,599,100)
-------------------- --------------------
Loss per share attributable to the
owners of the parent during the year
Basic (cents per share) 11 (1.39) (2.31)
Diluted (cents per share) (1.39) (2.31)
-------------------- --------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 31 December 31 December
2020 2019
$ $
--------------- ------------
ASSETS
Non-Current Assets
Property, plant and equipment 12 1,384,314 1,362,734
Intangible assets 13 4,233,890 4,241,831
--------------- ------------
Total Non-Current Assets 5,618,204 5,604,565
Current Assets
Trade and other receivables 15 308,943 356,928
Short term investments 16 49,152 60,001
Cash and cash equivalents 17 1,329 8,384
--------------- ------------
Total Current Assets 359,424 425,313
TOTAL ASSETS 5,977,628 6,029,878
--------------- ------------
EQUITY AND LIABILITIES
Equity Attributable to Owners of Parent
Share capital 18 979,427 926,711
Share premium 18 4,121,700 1,538,636
Convertible reserve 6,021,575 6,021,575
Reorganisation reserve (6,578,229) (6,578,229)
Foreign exchange reserve 140,457 61,449
Share based payment reserve 19 838,909 438,641
Retained losses (3,770,290) (2,723,778)
--------------- ------------
Total Equity 1,753,549 (314,995)
Current Liabilities
Borrowings 20 3,727,995 6,078,992
Trade and other payables 21 496,084 265,881
--------------- ------------
Total Current Liabilities 4,224,079 6,344,873
TOTAL EQUITY AND LIABILITIES 5,977,628 6,029,878
--------------- ------------
COMPANY STATEMENT OF FINANCIAL POSITION
Note 31 December 31 December
2020 2019
$ $
--------------- -----------------
ASSETS
Non-Current Assets
Investments in subsidiaries 14 7,104,824 6,899,108
Property, plant and equipment 12 - 994
--------------- -----------------
Total Non-Current Assets 7,104,824 6,900,102
Current Assets
Trade and other receivables 15 3,062,112 229,736
Short term investments 16 49,152 60,001
Cash and cash equivalents 17 - -
--------------- -----------------
Total Current Assets 3,111,264 289,737
TOTAL ASSETS 10,216,088 7,189,839
--------------- -----------------
EQUITY AND LIABILITIES
Equity Attributable to Shareholders
Share capital 18 979,427 926,711
Share premium 18 4,121,700 1,538,636
Convertible reserve 6,021,575 6,021,575
Foreign exchange reserve 648,279 319,749
Share based payment reserve 19 838,909 438,641
Retained losses (2,942,712) (2,303,188)
--------------- -----------------
Total Equity 9,667,178 6,942,124
Current Liabilities
Trade and other payables 21 548,910 247,715
--------------- -----------------
Total Current Liabilities 548,910 247,715
TOTAL EQUITY AND LIABILITIES 10,216,088 7,189,839
--------------- -----------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the parent
-----------------------------------------------------------------------------------------------------
Share Share Convertible Reorganisation Foreign Share Retained Total
Capital Premium Reserve Reserve Exchange Based Losses Equity
Reserve Payments
Group Reserve
$ $ $ $ $ $ $ $
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Balance at 1
January 2019 908,404 625,504 6,021,575 (6,578,229) (7,861) 60,153 (1,055,368) (25,822)
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Loss for the
year - - - - - - (1,668,410) (1,668,410)
Foreign
currency
translation
differences - - - - 69,310 - - 69,310
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Total
comprehensive
loss for the
year - - - - 69,310 - (1,668,410) (1,599,100)
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Shares issued 18,307 988,599 - - - - - 1,006,906
Cost of shares
issued - (75,467) - - - - - (75,467)
Share based
payments - - - - - 378,488 - 378,488
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Balance at 31
December 2019 926,711 1,538,636 6,021,575 (6,578,229) 61,449 438,641 (2,723,778) (314,995)
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Loss for the
year - - - - - - (1,046,512) (1,046,512)
Foreign
currency
translation
differences - - - - 79,008 - - 79,008
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Total
comprehensive
loss for the
year - - - - 79,008 - (1,046,512) (967,504)
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Shares issued 52,716 2,583,064 - - - - - 2,635,780
Share based
payments - - - - - 400,268 - 400,268
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Balance at 31
December 2020 979,427 4,121,700 6,021,575 (6,578,229) 140,457 838,909 (3,770,290) 1,753,549
--------------- -------- ---------- ------------ --------------- --------- --------- ------------ ------------
Share Share Convertible Share Foreign Retained Total
Capital Premium Reserve Based Exchange Losses Equity
Payments Reserve
Company Reserve
$ $ $ $ $ $ $
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Balance at 1 January
2019 908,404 625,504 6,021,575 60,153 45,228 (1,344,363) 6,316,501
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Loss for the year - - - - - (958,825) (958,825)
Other Comprehensive
Income - - - - 274,521 - 274,521
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Total comprehensive
loss for the
year - - - - 274,521 (958,825) (684,304)
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Shares issued 18,307 988,599 - - - - 1,006,906
Share issue costs - (75,467) - - - - (75,467)
Share based payments - - - 378,488 - - 378,488
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Balance at 31
December 2019 926,711 1,538,636 6,021,575 438,641 319,749 (2,303,188) 6,942,124
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Loss for the year - - - - - (639,524) (639,524)
Other Comprehensive
Income - - - - 328,530 - 328,530
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Total comprehensive
loss for the
year - - - - 328,530 (639,524) (310,994)
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Shares issued 52,716 2,583,064 - - - - 2,635,780
Share based payments - - - 400,268 - - 400,268
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
Balance at 31
December 2020 979,427 4,121,700 6,021,575 838,909 648,279 (2,942,712) 9,667,178
---------------------- --------- ---------- ------------ ---------- ---------- ------------ ----------
CONSOLIDATED STATEMENT OF CASHFLOWS
Year ended Year ended
31 December 31 December
2020 2019
$ $
--------------------------- ---------------------
Cash Flows from Operating Activities
Loss before tax (1,046,512) (1,668,410)
Depreciation 1,536 2,792
Amortisation 75,094 90,113
Foreign exchange gain 1,068,243 287
Write off (130,746) -
Finance income (2,058) (944)
Finance costs (262,796) 526,024
Share base payment charge 362,730 361,860
--------------------------- ---------------------
(65,491) (688,278)
Changes to working capital
Decrease in trade and other receivables 47,985 27,021
Increase in trade and other payables 230,113 78,605
--------------------------- ---------------------
Cash used in operations 343,589 (582,652)
Interest paid (271,189) (176,322)
--------------------------- ---------------------
Net Cash used in Operating Activities 72,400 (758,974)
--------------------------- ---------------------
Cash Flows from Investing Activities
Increase in Development expenditure (67,153) (184,963)
Purchases of property, plant and equipment (23,151) (85,566)
Disposal of short-term investments 10,849 106,366
Interest received - 82
--------------------------- ---------------------
Net Cash (used in)/ generated from
Investing Activities (79,455) (164,081)
--------------------------- ---------------------
Cash Flows from Financing Activities
Proceeds from issue of ordinary shares - 1,006,906
Issue costs - (75,467)
Proceeds from/ (repayments of) borrowings - -
--------------------------- ---------------------
Net Cash generated from/ (used in)
Financing Activities - 931,439
--------------------------- ---------------------
Net Increase/(Decrease) in Cash and
Cash Equivalents (7,055) 8,384
Cash and cash equivalents at the beginning 8,384 -
of the year
Net increase/ (decrease) in cash and
cash equivalents (7,055) 8,384
Cash and Cash Equivalents at the End
of the Year 1,329 8,384
COMPANY STATEMENT OF CASHFLOWS
Year ended Year ended
31 December 31 December
2020 2019
$ $
------------- -------------
Cash Flows from Operating Activities
Loss before tax (639,524) (958,825)
Depreciation 959 2,215
Share based payments 362,730 361,860
Foreign exchange gain/loss - 13,568
Unrealised foreign exchange 160,386 1,147
Finance income - (82)
Finance costs - -
------------- -------------
(115,449) (580,117)
Changes to working capital
Increase in trade and other receivables (196,597) (217,000)
Increase/ (Decrease) in trade and
other payables 301,197 (240,771)
------------- -------------
Cash (used in) operations (10,849) (1,037,888)
------------- -------------
Net Cash generated used in Operating
Activities (10,849) (1,037,888)
------------- -------------
Cash Flows from Investing Activities
Disposal of short-term investments 10,849 106,367
Interest received - 82
------------- -------------
Net Cash used in Investing Activities 10,849 106,449
------------- -------------
Cash Flows from Financing Activities
Proceeds from issue of ordinary shares - 1,006,906
Issue costs - (75,467)
------------- -------------
Net Cash generated from Financing
Activities - 931,439
------------- -------------
Net movement in Cash and Cash Equivalents - -
Cash and cash equivalents at the beginning - -
of the year
Exchange gain on cash and cash equivalents - -
Net Decrease in cash and cash equivalents - -
------------- -------------
Cash and Cash Equivalents at the End - -
of the Year
------------- -------------
The annual report and financial statements for the year ended 31
December 2020 are available to download on the Company's website at
www.pennpetroenergy.co.uk .
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END
FR FFFILRTIIVIL
(END) Dow Jones Newswires
July 01, 2021 02:00 ET (06:00 GMT)
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