TIDMPPP
RNS Number : 6126R
Pennpetro Energy PLC
30 June 2020
30 June 2020
Pennpetro Energy plc
( "Pennpetro" , the "Company" or the "Group")
Results for the year ended 31 December 201 9
Pennpetro Energy , an independent oil and gas company focusing
on production in the Gonzales Oil Field in Texas, USA, announces
today its financial results for the year ended 31 December
2019.
Chairman's Statement
I am pleased to present the annual results for Pennpetro Energy
PLC ("Pennpetro") for the year ended 31 December 2019.
As was reported last year, in line with the Company's strategy
to grow its interests in the petroleum sector in the USA Pennpetro
USA Corp., ("Pennpetro USA") was incorporated as an acquisition
vehicle to pursue the opportunities that were being brought to the
Company. Pennpetro USA is headquartered in Houston, Texas and has
been examining various complimentary asset opportunities, not only
in the South Texas area but we also examined assets that BP were
looking to release in their Lower 48 sale and in particular the
Scoop assets in Oklahoma. Ultimately, we decided not to pursue any
of these opportunities. However, with relationships having been
developed with excellent oil teams in Houston, we have been
concentrating on central upper Gulf Coast with a number of
opportunities being presented.
Due to rationalisation on holding interests to streamline
accounting procedure so as not to have to undergo duplication,
Nobel UK's US-based subsidiaries have been transferred to Pennpetro
USA, our direct US subsidiary, which now owns the portfolio of
leasehold petroleum mineral interests centred on the City of
Gonzales, in southeast Texas, comprising the undeveloped central
portion of the Gonzales Oil Field. The petroleum assets include
approximately 1,000 leases covering 2,500 acres of land and contain
proven oil condensates. The original Competent Persons Report
("CPR") prepared in advance of the acquisition estimated that, as a
result of the acquisition, Pennpetro Group would have a Working
Interest in the portfolio of petroleum mineral leases of 2,000 MBBL
of oil and 1,000 MMcf of gas. Most recently, Nobel has again
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.
The most recent CPR prepared in December 2017, estimated that
the Group's then 50% working interest basis undiscounted Net
Revenue Interest in the Gonzales petroleum leases amounted to $62
million; with the recent increase to a 100% Working Interest and
further undiscounted Net Revenue Interest, this has now increased
to over $120 million.
Moving on to our oil assets, our US-operating teams concentrated
on the development of the Buda formation which was encountered
during the drilling of our initial well, and as previously advised,
was significant in providing drill proven reserves over our lease
holdings.
During 2019, our US operations encountered electricity delivery
issues due to redevelopment work required for the City of Gonzales
electrical grid system. This resulted in delays and several
stop-starts to our operations. We successfully replaced damaged jet
pumping units and ancillary power units and resumed pumping from
the well in the latter part of 2019. In April 2020, the Covid-19
pandemic caused us to put our operations in Gonzales on hold.
We continue to monitor the situation in Gonzales and whilst
there is still a degree of uncertainty with recent coronavirus
issues, we plan to re-enter the completed horizontal 3,300-foot
lateral extension portion of the initial well COG#1, with a focus
on pumping from reservoirs in the Austin Chalk formation.
Our aims for the second half of 2020 are to recommence
operations, move into commercial production and also plan for a
second horizontal well.
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 busy
year for the Group.
Keith Edelman
Non-Executive Director, Chairman
30 June 2020
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 2019 was to continue to develop our proven
reserve base at our licences in Gonzalez.
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. To this, 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. Having regard that the Buda oil formation
water resulting from prior extensive flooding would need some time
to be pumped out and regain pressure thereby recommencing
hydrocarbon deliverability from that reservoir, it was decided that
as the Buda operations had achieved the important positive result
of confirming that this reservoir was now drill confirmed to be
active over the acreage and a confirmed secondary recovery reserve,
that it was time to clean out and re-enter our initial objective,
the Austin Chalk formation which we had drilled out to 3300 feet
horizontally and which had tested positive for both oil and gas
recovery. The Austin Chalk formation was drilled out at
approximately 7200 feet sub-surface, whereas the Buda was
intersected at 8500 feet sub-surface. This will 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.
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$56.99/bbl during
2019, $7 per barrel lower than in 2018. The value of WTI as at 29th
June 2020 was US$39.64 (source: Bloomberg Markets).
Operations
In terms of our operations, our focus has been on completing our
initial horizontal well and organizing the permitting of our second
targeted horizontal well 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 is being
completed as a producer. As prior stated we will begin Austin Chalk
oil operations once the process of pump water removal from the
lower reservoirs is completed - an operation which we have now
decided to complete with the lower formation to be cased-off and to
re-enter and take to hydrocarbon production the upper Austin
Chalk.
Financially, the Company used 2019 to further lay the
foundations for future revenue generation.
During late 2019, there was a sustained pull-back in the price
of WTI occasioned by directives lead by the President of the USA;
throughout 2019, increases in U.S. petroleum production put
downward pressure on crude oil prices. In addition, the production
increases likely limited the effect on prices from the attack on
Saudi Arabia, production cut announcements from the Organization of
the Petroleum Exporting Countries (OPEC), and U.S. sanctions on
Iran and Venezuela that limited crude oil exports from those
countries. Outside the United States, crude oil production from
major producers such as Saudi Arabia, Venezuela, and Iran declined
in 2019. EIA expects that total OPEC crude oil production averaged
29.8 million b/d in 2019, a decline from the 2018 average of 32.0
million b/d. U.S. crude oil imports from OPEC countries were at
their lowest level in several decades. To continue limiting excess
crude oil supply, on December 7, 2019, OPEC+ (OPEC plus 10 other
nations such as Russia, Mexico, and Kazakhstan) announced they were
deepening the production cuts originally announced in December
2018.
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 a re-emergence of price stability. 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 Corona-19 upon us, we expect further new
opportunities.
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.
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.
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 are 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.
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 2020
Financial Report
The financial results for the group for the year ended 31
December 2019 are presented below:
The financial results for the year ended 31 December 2019 show a
loss after tax of $1,668,410 (2018: loss $788,630).
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 2019 were $6,078,992
(2018: $5,863,863) and included a loan balance outstanding of
$2,417,946 which was converted into shares at a price of GBP0.50
per share after the year end. In addition, post year-end the
repayment date for the loan facility with Petroquest Energy Limited
was extended a further year to 31 December 2021.
The Group had cash balances at 31 December 2019 of $8,384 (2018:
$Nil) and short-term investments of $60,001 (2018: $166,367). 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 2019, the Group had $1.1m (2018 $1.1m) still
available to draw under its loan facility of $5m with Petroquest
Energy Limited.
On 15 February 2019, the Company issued 1,433,702 ordinary
shares at a price of GBP0.55 per share, raising gross proceeds of
GBP788,536.
In addition, the Group had a receivables balance at 31 December
2019 of $356,928 (2018: $523,482). The year on year decrease
principally related to the reclassification of amounts owed by
former participants to Intangible Drilling assets, following their
exits from the Gonzales Project.
Additions of $85,566 were capitalised in property, plant and
equipment during 2019 on the Petroleum mineral leases. As at 31
December 2019, total property, plant and equipment held by the
Group was $1,362,734 (2018: $1,279,914).
Following additions of $184,963, cumulative Drilling-related
expenditure which has been capitalised in intangible assets was
$4,166,737 at 31 December 2019 (2018: $3,842,241). The increase in
capitalised Drilling-related expenditure included $139,533 of
expenditure that was re-categorised from receivables, as a result
of the former participants' departure from the Gonzales
Project.
Philip Nash
Non-Executive Director
30 June 2020
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 is 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.
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 Corona-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.
-- EOG Resources Inc., continued to delineate the South Texas
Austin Chalk, completing wells in Gonzales County, with lateral
completions out to 5,500 feet gross production of 1,815 bopd /
2,485 boed.
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.
-- According to EOG Resources Inc., its South Texas Eagle Ford
remained one of the most active area of the company during
2019.
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.
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 2020
ENQUIRIES
For further information, please contact:
Pennpetro Energy plc
Thomas Evans tme@pennpetroenergy.co.uk
Instinctif
Mark Garraway / 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
Year ended Year ended
31 December 31 December
2019 2018
$ $
-------------------- --------------------
Continuing Operations
Administrative expenses (1,143,330) (595,074)
-------------------- --------------------
Operating Loss (1,143,330) (595,074)
Finance income 944 273,126
Finance costs (526,024) (466,682)
-------------------- --------------------
Loss before Tax (1,668,410) (788,630)
Income tax - -
-------------------- --------------------
Loss for the year attributable to owners of the parent (1,668,410) (788,630)
==================== ====================
Other Comprehensive Income:
Items that may be reclassified subsequently to profit or loss
Currency translation differences 69,310 (27,579)
-------------------- --------------------
Other Comprehensive Income for the Year 69,310 (27,579)
-------------------- --------------------
Total Comprehensive Income for the Year attributable to the owners of
the parent (1,599,100) (816,209)
==================== ====================
Loss per share attributable to the owners of the parent during the
year
Basic (cents per share) (2.31) (1.11)
Diluted (cents per share) (2.31) (1.11)
-------------------- --------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December
2019 2018
$ $
--------------- ------------
ASSETS
Non-Current Assets
Property, plant and equipment 1,362,734 1,279,914
Intangible assets 4,241,831 4,007,448
--------------- ------------
Total Non-Current Assets 5,604,565 5,287,362
Current Assets
Trade and other receivables 356,928 523,482
Short term investments 60,001 166,367
Cash and cash equivalents 8,384 -
--------------- ------------
Total Current Assets 425,313 689,849
TOTAL ASSETS 6,029,878 5,977,211
=============== ============
EQUITY AND LIABILITIES
Equity Attributable to Owners of Parent
Share capital 926,711 908,404
Share premium 1,538,636 625,504
Convertible reserve 6,021,575 6,021,575
Reorganisation reserve (6,578,229) (6,578,229)
Foreign exchange reserve 61,449 (7,861)
Share based payment reserve 438,641 60,153
Retained losses (2,723,778) (1,055,368)
--------------- ------------
Total Equity (314,995) (25,822)
Non-Current Liabilities
Borrowings - 5,863,863
--------------- ------------
Total Non-Current Liabilities - 5,863,863
Current Liabilities
Borrowings 6,078,992 -
Trade and other payables 265,881 139,170
--------------- ------------
Total Current Liabilities 6,344,873 139,170
TOTAL EQUITY AND LIABILITIES 6,029,878 5,977,211
=============== ============
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 2018 908,404 625,504 6,021,575 (6,578,229) 19,718 - (266,738) 730,234
-------------- -------- --------- ----------- -------------- ------------ ----------- ------------ -----------
Loss for the
year - - - - - - (788,630) (788,630)
Foreign
currency
translation
differences - - - - (27,579) - - (27,579)
-------------- -------- --------- ----------- -------------- ------------ ----------- ------------ -----------
Total
comprehensive
loss for the
year - - - - (27,579) - (788,630) (816,209)
-------------- -------- --------- ----------- -------------- ------------ ----------- ------------ -----------
Share based
payments - - - - - 60,153 - 60,153
-------------- -------- --------- ----------- -------------- ------------ ----------- ------------ -----------
Balance at 31
December 2018 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)
-------------- -------- --------- ----------- -------------- ------------ ----------- ------------ -----------
CONSOLIDATED STATEMENT OF CASHFLOWS
Year ended Year ended
31 December 31 December
2019 2018
$ $
--------------------------- ---------------------
Cash Flows from Operating Activities
Loss before tax (1,668,410) (788,630)
Depreciation 2,792 2,907
Amortisation 90,113 99,575
Foreign exchange gain 287 -
Unrealised foreign exchange - (183,110)
Finance income (944) (273,126)
Finance costs 526,024 466,682
Share base payment charge 361,860 60,153
--------------------------- ---------------------
(688,278) (615,549)
Changes to working capital
Decrease/(increase) in trade and other receivables 27,021 (169,050)
Increase/(decrease) in trade and other payables 78,605 (70,937)
--------------------------- ---------------------
Cash used in operations (582,652) (855,536)
Interest paid (176,322) (195,494)
--------------------------- ---------------------
Net Cash used in Operating Activities (758,974) (1,051,030)
--------------------------- ---------------------
Cash Flows from Investing Activities
Increase in Development expenditure (184,963) (750,473)
Purchases of property, plant and equipment (85,566) (56,382)
Disposal of short term investments 106,366 1,906,932
Interest received 82 31
--------------------------- ---------------------
Net Cash (used in)/ generated from Investing Activities (164,081) 1,100,108
--------------------------- ---------------------
Cash Flows from Financing Activities
Proceeds from issue of ordinary shares 1,006,906 -
Issue costs (75,467) -
Proceeds from/ (repayments of) borrowings - (71,151)
Net Cash generated from/ (used in) Financing Activities 931,439 (71,151)
--------------------------- ---------------------
Net Increase/(Decrease) in Cash and Cash Equivalents 8,384 (22,073)
Cash and cash equivalents at the beginning of the year - 22,073
Net increase/ (decrease) in cash and cash equivalents 8,384 (22,073)
Cash and Cash Equivalents at the End of the Year 8,384 -
The annual report and financial statements for the year ended 31
December 2019 are available to download on the Company's website at
www.pennpetroenergy.co.uk .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
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