REG - Pennpetro Energy PLC - Key Update on Audit for 2024/25 accounts

Pennpetro EnergyAnnouncement

04/03/2026 18:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260304:nRSD3882Va&default-theme=true

RNS Number : 3882V  Pennpetro Energy PLC  04 March 2026

4 March 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Key Update on Audit for 2024/25 accounts

Pennpetro Energy plc, the company focused on developing strategic traditional
and transition energy projects, issues an update regarding the status of the
audited 2024/25 full year accounts.

Following extensive effort by the Board, Accountants and the Company's
auditors, which has caused certain important documents to come to light "last
minute", the decision has been made by the Company to make certain that as
many legacy issues as possible are dealt with at this audit and to deliver
annual accounts as complete and unimpaired  as is practicably possible this
time around, giving a clear runway at the next.

The decision to extend the work on the 2024/25 accounts and audit was not
taken lightly, but developments in terms of access to previously unavailable
documents and information means that  enhanced annual accounts will be made
available, albeit slightly later than anticipated. There will likely be a
further one-to-two-week delay to the publishing of the audited 2024/25 full
year accounts, but those accounts will carry a reduced 'disclaimer of opinion'
due to material improvements in data able to be provided by PPP.

The Company worked hard to ensure that these audited accounts would be
provided to the Company by the auditors, as RNS'd prior, by Friday, 27(th)
February. For the avoidance of doubt, this indeed could have been done, on
that date, but with more disclaimers of opinion than should now be necessary.

 There have in the past been material accounting documents missing or
unavailable to the Company's Accountants and board, all relating to historic
issues pre-dating the current Chief Executive and Chair of the Company's
appointments. Once located, at last, the Board was faced with an important
decision, on Friday and discussions took place until this morning on this
topic:

1.   To publish the audited accounts with significant disclaimers of opinion
assigned by the auditors - linked to missing documentation that had not been
produced, nor was at that moment available to the Company. Additionally,
certain additional future funding confirmation from RMD Group, which would
further underpin the Company's 'going concern' position would not be provided
in time to be included.

 

This would downgrade the audit and continue to cast a shadow over the Company
and still need to be dealt with at a future time. Pushing the button on the
audit at that point would have allowed the audited accounts to be published
immediately, but in a less than optimum form.

Or.

2.   Finalise more complete accounts, with additional supporting
documentation, with much of the missing documentation obtained and
incorporated into the audit process. Following conversations with the Auditors
and Accountants - should this documentation be presented to them - it would
enable the Company to publish the audited 2024/25 accounts without certain
significant disclaimers of opinion which would otherwise necessarily be
included - improving the outlook for the Company and improving significantly
the Company's ability to progress its return to trading, and further strategic
development.

Richard Spinks, Executive Chairman added: "Whilst I know that there will
likely be those who are disappointed at reading this news among our
shareholders, and I am sorry if that is the case, but I would like to stress
the importance of the work that has been required to bring Pennpetro back into
compliance, that should not have been necessary had previous management been
competent. Furthermore, unlike in the past history of this Company, we are not
willing to compromise in terms of either corporate governance or compliance,
including with regards to audit clarity or completeness.

"Thank you for bearing with us. We have been working tirelessly, for months,
to produce as unimpaired, as possible, audited accounts that do not perpetuate
historical issues, which would negatively impact the future prospects of the
Company. I feel we are achieving this in a very impactful way and are gaining
momentum, leaving the past behind and moving forward, stronger.

"This entire process has been incredibly time-consuming, costly and
frustrating, given the documents recovered date back to a period long before I
and certain fellow directors became involved in Pennpetro and should have been
available in the most part, before the last audit.

"This has been all the more painful, knowing that the documents existed, and
could have been received in a timely manner, benefitting the previous audit
and by turn, this one.

"This short delay is in the best interests of the Company and shareholders. We
are mindful of the fact that the current suspension has gone on for too long
already, whilst it need never have happened at all. If we are able to publish
the audited accounts sooner, than later, which may be the case, we will
certainly do so."

ENDS

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 Richard Spinks                          +44 (0) 20 3757 4980
 Capital Plus Partners Limited - Broker  +44 (0) 20 7432 0501

 Jon Critchley
 Camarco - Financial PR                  +44 (0) 20 3757 4980

 Andrew Turner | Fergus Young            ppp@camarco.co.uk (mailto:ppp@camarco.co.uk)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDJIMRTMTAMBRF



            Copyright 2019 Regulatory News Service, all rights reserved