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Pennpetro Energy PLC on Wednesday reporting the addition of a ‘highly exciting’ asset to its portfolio as it signed heads of terms to acquire the Limnytskyi oil and gas exploration licence in western Ukraine. The Texas-focused oil and gas company said the transaction is being undertaken through a Polish Holding company, incorporated specifically for the transaction. Pennpetro Energy said the licence an under explored large scale and ‘highly prospective opportunity’. It expects that once developed, it will be a ‘significant addition’ to the energy independence, as well as the sovereignty of Ukraine. Should the acquisition complete, said Pennpetro, shareholders would have a minority interest in the enlarged group and this the transaction would constitute a reverse takeover. Pennpetro Energy shares are currently suspended in London. The transaction is still subject to the completion of legal and financial due diligence, regulatory approvals and the execution of a definitive share sale and purchase agreement. It is also conditional upon shareholder approval at a general meeting. Pennpetro said the notice of this meeting will be shared in ‘due course’. ‘Securing the heads of terms for the Limnytskyi licence in Ukraine is transformational for our business, it adds a highly exciting asset into our growing portfolio and the opportunity to develop this into a producing field to aid energy independence, sovereignty and security to Ukraine,’ said Pennpetro Energy Chair Stephen Lunn. ‘The capital requirements upon Pennpetro associated with this licence are minimal and there is significant potential upside to the company.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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