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Pennpetro Energy PLC - Texas-focused oil and gas company - Seeks to place 8 million new shares in a tender offer to be managed by broker Peterhouse Capital that will have a minimum price of 9 pence per share. At that price, 8 million shares would raise £720,000. This follows an equity raise of £120,000 at 12p at the end of November, which Pennpetro notes was a premium to the stock’s closing price of 9.55p prior to trading being suspended at the end of July. The trading suspension is due to late accounts for its financial year that ended March 31. It has been a torrid half-year for Pennpetro. The sudden death of financial controller Anton Tarkanyi left the company unable to access its UK banking statements, which were needed to complete its financial 2024 accounts. Stephen Lunn joined the board and became chair, replacing David Lenigas in November. Earlier this month, Tom Evans resigned immediately as chief executive officer, with Lunn taking over as CEO as well until a replacement can be found. Pennpetro says the funds from the new share offer, which will open on Monday and close on Tuesday next week, will be used to repay historical external creditors and to satisfy some of the financial conditions of the Globalvision agreement announced back in July. Globalvision International U LDA agreed to buy Pennpetro’s Texas-based subsidiary Nobel Petroleum USA Inc in exchange for granting Pennpetro a royalty interest on the Texan oil wells. The pair also agreed to create an equal joint venture for gas and lithium. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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