REG - Pennpetro Energy PLC - US Operational and Asset Update

Pennpetro EnergyAnnouncement

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RNS Number : 0601A  Pennpetro Energy PLC  10 April 2026

10 April 2026

 

Pennpetro Energy Plc

("Pennpetro" or the "Company")

US operational and asset update

 

Pennpetro Energy plc, the company focused on developing strategic energy
projects, announces the Chief Executive, Mavriky Kalugin, will arrive in Texas
next week with the intention of returning the first, of at least one of the
Company's wells, to production in the near term, following the recent
announcement made on 26(th) March 2026.

Mavriky will focus on the steps necessary to enable restarting of production
at the Chalk Talk A-1H well, expected to generate near-term revenue and
subject to conditions set by the board being met, reverse prior impairment
losses over this well and associated assets.

Work is projected to begin shortly, pending ongoing confirmation of terms for
the lapsed lease over that well location, which includes the payment to the
lease owners of unpaid royalties owed on the oil extracted in the past from
the same. RMD Group have committed funding to allow for the full resumption of
operation, including legacy issues to be cleared.

Further updates will be issued on this matter once Mavriky arrives in Texas
and boxes are ticked towards production start and as we move beyond this first
stage in our strategy.

Richard Spinks, Executive Chairman said: "Repairing damaged relationships in
Texas, as has been necessary elsewhere, and returning the Chalk Talk A-1H well
to production, once achieved, will be an important milestone in returning PPP
to positive cashflow. Whilst proving the Company can become a 'straight
shooting' operator in the local market with good intentions towards partners,
we will be taken more seriously for further opportunity.

"Operating this first well will give us a springboard to grow our production
and asset base as we simultaneously, back in London, continue moving towards a
return to trading.

"I would like to thank Mavriky for leaving his family at a difficult time for
them all and travelling to Texas to focus his expert attention on this
matter."

 

ENDS

 

For further information, contact:

 Pennpetro Energy Plc                       c/o Camarco

 Richard Spinks | Mavriky Kalugin
 Oak Securities - Broker                    +44 (0) 20 3973 2678

 Jerry Keen, Head of Corporate Broking
 Camarco - Financial PR                     +44 (0) 20 3757 4980

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

 

ENDS

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