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PPP Pennpetro Energy Plc

0.80
0.05 (6.67%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pennpetro Energy Plc LSE:PPP London Ordinary Share GB00BF2K5076 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 6.67% 0.80 0.75 0.85 0.80 0.75 0.75 2,444,703 10:42:42
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -319k -0.0032 -2.50 802.39k

Pennpetro Energy PLC Interim Results for six months ended 30 Sept 2023 (9796X)

28/12/2023 7:00am

UK Regulatory


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TIDMPPP

RNS Number : 9796X

Pennpetro Energy PLC

28 December 2023

Trading Symbols

LSE: PPP

RNS: 9853X

28 December 2023

Pennpetro Energy PLC

("Pennpetro" or "the Company")

Unaudited Consolidated Interim Results for the six months ended 30 September 2023

Pennpetro Energy plc ( LSE: PPP ), an independent oil and gas company focusing on production in the Gonzales County in Texas, USA, is pleased to announce its financial results for the six months ended 30 September 2023 (the " Period "). The full Interim Results, with accompanying notes, are available on the Company's website: www.pennpetroenergy.co.uk .

David Lenigas, Executive Chairman and Thomas Evans, Chief Executive Officer, commented:

During the Period:

-- Whistling Straits #5H well was drilled to its total depth of 10,195 feet MD by the operator Millennium PetroCapital Corporation ("Millennium") under the original farm in arrangement whereby Pennpetro was spending 33% of the well costs for a net 25% working interest.

-- Millennium put the well to test using a JET pumping arrangement in April that proved unsuccessful in lifting the drill fluids for the well.

-- In June, Pennpetro signed a series of agreements with Millennium to increase its stake in the Whistling Straits 5H well from a 25% working interest ("WI") to a 100% WI and to assume operatorship of the well with immediate effect in addition to 2,036.38 acres of oil leases. This acquisition was completed in July.

-- Pennpetro also has the exclusive right to acquire a 100% working Interest in two nearby Chalk Talk wells (Chalk Talk 1H and Chalk Talk 4H) for no additional costs, if Nobel determines that production can be restored to one or both wells within a 90-day evaluation period. This option to acquire 100% of these Chalk Talk wells was exercised in July.

Post Period:

-- Pennpetro embarked on a workover of its Chalk Talk #1H ("CT1H") well in October and commenced an extended well test on 1 November.

-- November oil production from CT1H was 4,827 barrels at an average of 161 Barrels of oil per day ("bopd").

   --    Oil sales for the month of November totalled 4,599.08 barrels. 

-- Pennpetro put in place an oil sales agreement that sees the oil it sells for the any month paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20(th) day of the following month.

-- Net cash received for November's oil production (after tax) was US$329,658.09 which equates to US$255,032.62 net revenue interest (after taxes and royalties).

   --    Extended well testing of CT1H continues. 
   --    The workover of Chalk Talk 4H well commenced on 8 December and is ongoing. 

Financial Highlights

In the six months ended 30 September 2023, the Company made an operating loss of US$ 1,191,601 (30 June 2022: US$250,000) and a basic and diluted loss per share of US$(1.22) (30 June 2022: US$( 0.26).

In June - to fund the new well acquisitions and workovers - the Company placed 5,800,000 new ordinary shares of GBP0.01 each in the Company and 9,200,000 existing ordinary shares of GBP0.01 each in the Company transferred by existing shareholders unconnected to any director, at a placing price of 2 pence each to raise GBP300,000 (before expenses).

Overview of Operations

Post Period Events

Horse Hill Farm-in

Post the end of the 31 September 2023 reporting period, Pennpetro) announced that it has agreed to extend the binding Horse Hill farm-in term sheet ( " Agreement " ) with UKOG (137/246) Ltd and Horse Hill Developments Ltd ("HHDL"), both subsidiaries of UK Oil & Gas plc (collectively " UKOG" ) until 30 June 2024.

The Horse Hill Oil Field ("Horse Hill"), located about 2 km north of Gatwick airport.

The Agreement, as originally announced on 28 March 2023, enables PPP to farm-in to the Horse Hill Oil Field on an incremental production only basis via funding 100% of the acquisition of a twelve square km 3D seismic survey and the drilling of the next crestal infill production well, designated as HH-3.

The Agreement's binding farm-in terms, which are subject to certain conditions as outlined below, cover the drilling of a new crestal infill well, designated Horse Hill-3 ("HH-3"), to be spudded after the completion of a Pennpetro funded high-definition 3D seismic survey. On completion of HH-3, Pennpetro will receive a 49% share of all production derived from Horse Hill-3 and future wells plus a 49% interest in the Licences. UKOG's subsidiaries will retain their current interests in all oil production from Horse Hill-1 ("HH-1") and HHDL will remain as the named Licence operator.

About Horse Hill Oil Field

As previously reported in the Pennpetro Energy RNS dated 28 March 2023.

" Following its discovery in 2014, Horse Hill was successfully production tested in the Upper Portland sandstone and underlying Kimmeridge limestone section from 2016 through to the start of long-term continuous Portland production in 2020. UKOG advise that, as of mid-March 2023, continuing oil production from HH-1 totalled an aggregate of over 185,000 barrels of 35 - 41 API sweet crude. Full planning and environmental consents are in place for four additional infill production wells.

A 2018 Xodus CPR for UKOG estimated a gross mid case P50 Portland oil in place ("OIP") of 30 million barrels, with a corresponding mid-case 2C recoverable Contingent Resource of 1.5 million barrels. The estimated mid case 5% recovery factor being stated as in accord with other analogous fields in the Weald Basin. It should be noted that the recovery factor being stated as in accord with other analogous fields in the Weald Basin. It should be noted that the total HH-1 Portland production to date potentially leaves around 1.36 million barrels of the estimated mid-case recoverable Portland resource available to infill drilling and remaining HH-1 production.

In addition to the 132,000 barrels of 35-36 API Portland continuous production as at mid-March 2023, approximately 53,000 barrels of 41 API sweet crude were produced from multiple zones within the Kimmeridge limestones during production testing, before being shut in to allow for longer term Portland production. In 2015 a Schlumberger report calculated an estimated mean OIP of 8.262 billion barrels lying within the entire Kimmeridge section underlying the Licences.

Note: OIP should not be construed as either recoverable Contingent resources or Reserves. The Kimmeridge therefore remains a potentially viable secondary production target at Horse Hill. "

Outlook

In line with our strategy, all our operations are in highly active hydrocarbon plays where the potential economics of drilling and producing oil remain attractive at sub-US$30 oil prices.

Our initial workovers at Chalk Talk 1H and Chalk Talk 4H have proved successful for Pennpetro and are now generating solid cashflow.

Our plan beyond these initial workovers is to review and expedite the workovers in 2024 on the Whistling Straits #5H and City of Gonzales #1 wells.

Pennpetro ' s new ventures announced since March of this year are transformational for Pennpetro and we see excellent opportunity for growth in 2024. The board takes this opportunity to thank shareholders, old and new, its management, consultants, and advisers for their continued support and if the current oil price environment holds up this year it and allows the Company to move towards it aims of being a positive cashflow oil developer and producer.

For further information please visit the Company's website www.pennpetroenergy.co.uk or follow us on twitter @pennpetro or contact:

 
 Pennpetro Energy PLC:                tme@pennpetroenergy.com 
  Tom Evans, CEO 
  David Lenigas, Chairman              +44 (0) 7881825378 
                                       lenigas@monaco-capital.com 
 Brokers: 
  Zeus Capital 
  Simon Johnson                       +44 (0) 207 614 5900 
 Peterhouse Capital Limited 
  Lucy Williams                         +44 (0) 20 7469 0930 
  Duncan Vasey                          +44 (0) 20 7220 9797 
 
  Flagstaff Strategic and Investor      +44(0) 207 129 1474 
  Communications                        pennpetro@flagstaffcomms.com 
  Tim Thompson 
  Alison Allfrey 
  Anna Probert 
 

Notes to Editors:

Pennpetro Energy is an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted to the Official List of the London Stock Exchange by way of a Standard Listing on 21 December 2017 with the ticker symbol "PPP".

Its wholly owned subsidiary, Nobel Petroleum USA Inc. has a 100% Working Interest in 2,036.38 acres in Gonzales County in Texas. These acres include the Whistling Straits #5 well and the Chalk Talk #1H and #4H wells. Noble also has a Participation, Development and Option Agreement and Joint Operating Agreement with Texas based Millennium PetroCapital Corporation over a 250,000-acre Area of Mutual Interest in Gonzales County, Texas, aimed at exploiting the prolific proven Austin Chalk oil and gas play. Pennpetro Energy has also recently signed a conditional binding agreement to conduct a new 3D seismic survey on the Horse Hill Oil Field near London's Gatwick Airport which paves the way to drilling the next production well (HH-3) for 49% of the revenue of this proposed well.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                                         6 months          6 months 
                                                  to 30 September        to 30 June 
                                                   2023 Unaudited    2022 Unaudited 
                                                            $'000             $'000 
---------------------------------------------   -----------------  ---------------- 
 Continuing operations 
 Other income                                                   -                 - 
 Administration expenses                                  (1,147)              (60) 
----------------------------------------------  -----------------  ---------------- 
 Operating Loss                                           (1,147)              (60) 
----------------------------------------------  -----------------  ---------------- 
 Other net gains/(losses)                                       -                 - 
---------------------------------------------   -----------------  ---------------- 
 Profit/(Loss) Before Interest and Income 
  Tax                                                     (1,147)              (60) 
----------------------------------------------  -----------------  ---------------- 
 Net finance costs                                           (45)             (145) 
 Corporation tax expense                                        -                 - 
---------------------------------------------   -----------------  ---------------- 
 Profit/(Loss) for the period                             (1,192)             (205) 
----------------------------------------------  -----------------  ---------------- 
 Profit/(Loss) attributable to: 
 
        *    owners of the Group                                -                 - 
---------------------------------------------   -----------------  ---------------- 
 Profit/(Loss) for the period                             (1,192)             (205) 
----------------------------------------------  -----------------  ---------------- 
 Other comprehensive income 
 Items that may be subsequently reclassified 
  to profit or loss 
 Currency translation differences                           (102)               299 
----------------------------------------------  -----------------  ---------------- 
 Total comprehensive income                               (1,294)                94 
----------------------------------------------  -----------------  ---------------- 
 Attributable to: 
 
        *    owners of the Group                                -                 - 
---------------------------------------------   -----------------  ---------------- 
 Total comprehensive income                               (1,294)                94 
----------------------------------------------  -----------------  ---------------- 
 loss per share (cents) from continuing 
  operations attributable to owners of 
  the Parent - Basic and diluted                           (1.22)            (0.26) 
----------------------------------------------  -----------------  ---------------- 
 

CONDENSED CONSOLIDATED BALANCE SHEET

 
                                  Notes           As at           As at           As at 
                                           30 September        31 March    30 June 2022 
                                                   2023    2023 Audited       Unaudited 
                                              Unaudited           $'000           $'000 
                                                  $'000 
-------------------------------  ------  --------------  --------------  -------------- 
 Non-Current Assets 
 Property, plant and equipment                    1,485           1,485           1,384 
 Intangible assets                  4             4,234           4,234           4,234 
-------------------------------  ------  --------------  --------------  -------------- 
                                                  5,719           5,719           5,618 
-------------------------------  ------  --------------  --------------  -------------- 
 Current Assets 
 Trade and other receivables                        314             315             308 
 Short term investments                             360              82              93 
 Cash and cash equivalents                            3              47               1 
-------------------------------  ------  --------------  --------------  -------------- 
                                                    677             444             402 
-------------------------------  ------  --------------  --------------  -------------- 
 Total Assets                                     6,396           6,163           6,020 
-------------------------------  ------  --------------  --------------  -------------- 
 
 Non-Current Liabilities 
 Borrowings                                       4,478           4,018           4,257 
-------------------------------  ------  --------------  --------------  -------------- 
 Current Liabilities 
 Trade and other payables                           801             967           1,115 
-------------------------------  ------  --------------  --------------  -------------- 
 Total current Liabilities                          801             967           1,115 
-------------------------------  ------  --------------  --------------  -------------- 
 
 Total Liabilities                                5,279           4,985           5,412 
-------------------------------  ------  --------------  --------------  -------------- 
 Net Assets                                       1,117           1,178             608 
-------------------------------  ------  --------------  --------------  -------------- 
 Equity Attributable to 
  owners of the Company 
 Share Capital                                    1,242           1,079             928 
 Share Premium                                    8,090           6,611           4,302 
 Convertible reserve                              4,173           4,173           5,776 
 Reorganisation reserve                         (6,578)         (6,578)         (6,578) 
 Foreign exchange translation 
  reserve                                            97             226             306 
 Retained losses                                (5,907)         (4,333)         (4,126) 
-------------------------------  ------  --------------  --------------  -------------- 
 Total equity attributable 
  to owners of the Company                        1,117           1,178             608 
-------------------------------  ------  --------------  --------------  -------------- 
 Total Equity                                     1,117           1,178             608 
-------------------------------  ------  --------------  --------------  -------------- 
 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS ' EQUITY

 
                            Share      Share                                           Foreign   Retained      Total 
                          capital    premium                     Reorganisation       exchange     losses     equity 
                            $'000      $'000     Convertible            reserve    translation      $'000      $'000 
                                                     reserve              $'000        reserve 
                                                       $'000                             $'000 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 As at 31 December 
  2021                        979      4,122           6,022            (6,578)              7    (3,921)        630 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Comprehensive 
  income 
 (Loss) for the 
  period                        -          -           (246)                  -              -      (205)      (451) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Other comprehensive 
  income 
 Currency translation 
  differences                   -          -               -                  -            299          -        299 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Total comprehensive 
  income                        -          -           (246)                  -            299      (205)      (152) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Issue of ordinary 
  shares                        -        181               -                  -              -          -        181 
 Share issue costs           (51)          -               -                  -              -          -       (51) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Total transactions 
  with owners                (51)      (181)               -                  -              -          -        130 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 As at 30 June 
  2022                        928      4,302           5,776            (6,578)            306    (4,126)        608 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 
                            Share      Share                                           Foreign   Retained      Total 
                          capital    premium                     Reorganisation       exchange     losses     equity 
                            $'000      $'000     Convertible            reserve    translation      $'000      $'000 
                                                     reserve              $'000        reserve 
                                                       $'000                             $'000 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 As at 1 April 
  2023                      1,079      6,611           4,173            (6,578)            199    (4,306)      1,178 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Comprehensive 
  income 
 (Loss) for the 
  period                        -          -               -                  -              -    (1,192)    (1,192) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Other comprehensive 
  income 
 Currency translation 
  differences                   -          -               -                  -          (102)      (409)      (511) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Total comprehensive 
  income                        -          -               -                  -          (102)    (1,601)    (1,703) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Issue of ordinary 
  shares                      193      1,849               -                  -              -          -    (2,042) 
 Share based payments        (30)      (370)               -                  -              -          -      (400) 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 Total transactions 
  with owners                 163      1,479               -                  -              -          -      1,642 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 As at 30 September 
  2023                      1,242      8,090           4,173            (6,578)             97    (5,907)      1,117 
----------------------  ---------  ---------  --------------  -----------------  -------------  ---------  --------- 
 
 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

 
                                                           30 September           30 June 
                                                         2023 Unaudited    2022 Unaudited 
                                                Note                  $                 $ 
-------------------------------------------  --------  ----------------  ---------------- 
 Cash flows from operating activities 
 Loss before taxation                                           (1,192)             (205) 
 Adjustments for: 
 Depreciation                                                         -                 - 
 Exchange difference                                              (107)               442 
 (Increase) in trade and other receivables                            1               (2) 
 Increase in trade and other payables                               166               844 
-----------------------------------------------------  ----------------  ---------------- 
 Net cash used in operations                                    (1,132)             1,079 
-----------------------------------------------------  ----------------  ---------------- 
 Cash flows from investing activities 
 Disposal of short term investments                               (442)                 - 
 Purchase of intangible assets                                        -                 - 
 Purchase of fixed assets                                             -                 - 
-------------------------------------------  --------  ----------------  ---------------- 
 Net cash used in investing activities                            (442)                 - 
-------------------------------------------  --------  ----------------  ---------------- 
 Cash flows from financing activities 
 Proceeds from issue of ordinary shares                           1,643                 - 
 Proceeds from borrowings                                             -               274 
 Share based payment charge                                        (22)                 - 
 Finance costs                                                     (45)               145 
-----------------------------------------------------  ----------------  ---------------- 
 Net cash from financing activities                               1,576               419 
-----------------------------------------------------  ----------------  ---------------- 
 Increase in cash and cash equivalents                                2               (1) 
 Cash and cash equivalents at beginning 
  of period                                                          47                 2 
 Exchange differences on cash                                        46                 - 
-------------------------------------------  --------  ----------------  ---------------- 
 Cash and cash equivalents at end of 
  period                                                              3                 1 
-----------------------------------------------------  ----------------  ---------------- 
 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

   1.    General Information 

The principal activity of Pennpetro Energy PLC ( ' the Company ' ) and its subsidiaries (together ' 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 Gonzales, in southeast Texas, comprising the undeveloped central portion of the Gonzales Oil Field. The Company ' s shares are listed on the standard market of the London Stock Exchange. The Company is incorporated and domiciled in England and Wales.

The address of the Company ' s registered office is 20b Wilton Row, London, SW1X 7NS.

   2.    Basis of Preparation 

The consolidated interim financial statements have been prepared in accordance with the requirements of the LSE Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 " Interim Financial Statements " in preparing this interim financial information. The consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2023, which have been prepared in accordance with UK-adopted International Accounting Standards ( " UK-adopted IAS").

The consolidated interim financial statements set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK-adopted IAS. Statutory financial statements for the year ended 31 March 2023 were approved by the Board of Directors on 18 October 2023.

The consolidated interim financial statements are presented in United States dollars as the Company believes it to be the most appropriate and meaningful currency for investors. The functional currency of the Company is pounds sterling, and the functional currency of the US based subsidiaries is US Dollar.

Going concern

The Directors have prepared cashflow forecasts as part of their assessment of the going concern position of the Company and Group. The Board of Directors have considered these forecasts and have a reasonable expectation that the Company and Group has adequate resources to continue in operational existence through to 30 November 2024 as projected.

The factors that were extant at 31 March 2023 are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2023 Annual Report.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group ' s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group ' s 2023 Annual Report and Financial Statements, a copy of which is available on the Group ' s website: https://www.pennpetroenergy.co.uk. The key financial risks are liquidity risk, market risk, foreign exchange risk and credit risk.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group ' s 2023 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.

   3.    Accounting Policies 

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group ' s annual financial statements for the year ended 31 March 2023 except for the impact of the adoption of the Standards and interpretations described below and new accounting policies adopted as a result of changes in the Group.

3.1. Changes in accounting policy and disclosures

(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2023

The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 September 2023 but did not result in any material changes to the Financial Statements of the Group.

b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted

Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows:

 
 Standard                    Impact on initial application       Effective 
                                                                  date 
 IAS 1 and IFRS Practice     Disclosure of Accounting Policies    1 January 
  Statement 2 (Amendments)                                         2023 
                            ----------------------------------  ------------- 
 IAS 8 (Amendments)          Accounting estimates                 1 January 
                                                                   2023 
                            ----------------------------------  ------------- 
 IAS 12 (Amendments)         Income taxes                          1 January 
                                                                   2023 
  IFRS 17                     Insurance contracts                   1 January 
                                                                    2023 
                            ----------------------------------  ------------- 
 IAS 1 (Amendments)          Classification of Liabilities as     1 January 
                              Current or Non-Current               2024 
                            ----------------------------------  ------------- 
 

The Group is evaluating the impact of the new and amended standards above which are not expected to have a material impact on future Group Financial Statements.

   4.    Intangible assets 
 
 Cost and Net Book Value               $ 
 Balance as at 31 December 2021    4,234 
 Additions                             - 
 Balance as at 30 June 2022        4,234 
 
 Balance as at 1 April 2023        4,234 
 Additions                             - 
--------------------------------  ------ 
 As at 30 September 2023           4,234 
--------------------------------  ------ 
 
   5.    Loss per share 

The calculation of loss per share is based on a retained loss of $1,191,601 for the six months ended 30 September 2023 (six months ended 30 June 2022: $205,000) and the weighted average number of shares in issue in the period ended 30 September 2023 of 97,361,726 (six months ended 30 June 2022: 78,846,153).

   6.    Approval of interim financial statements 

The condensed interim financial statements were approved by the Board of Directors on 28 December 2023.

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END

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