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Pennpetro Energy PLC reported on Friday a narrowed loss for a first half ‘of profound transition’. The Texas-focused oil and gas company generated $30,000 in revenue for the six months ended September 30, up from no revenue the year before. Pennpetro also reported a $577,000 pretax loss for the period, narrowed from $1.1 million. Its basic & diluted loss per share narrowed to 71 US cents from 122 cents. Interim Chair & Chief Executive Officer Richard Spinks said the six months were a period ‘of profound transition...marked by both limited operational achievement and considerable challenges.’ He noted that in July, Pennpetro signed a heads of terms agreement which will see Globalvision buy all shares in Pennpetro’s Texas subsidiary, Nobel USA Inc. However, Spinks also noted that Pennpetro has not yet closed on the proposed transaction due to its shares being suspended in August, after it failed to publish its annual report on time. ‘We are aware that our shareholders have been long-suffering, enduring not only the recent suspension but also historic frustration and disappointment, however there is more that needs to be done before Pennpetro is ready to apply to resume trading on the London Stock Exchange,’ he said. ‘This is not a reflection on the current board of the company, on the contrary, it is only through the efforts over the past twelve months of all involved in overcoming daily challenges at the company that it continues to survive.’ Spinks added: ‘We hope to see an end to the endless sniping at the company by a small group of highly vocal individuals using social media and communication applications to coordinate hateful and libellous narratives...We are encouraged to read that, finally, this week the London Stock Exchange recognised this libellous behaviour as damaging to listed companies and the London financial markets and will too take action to protect both.’ Looking ahead, Spinks said that Pennpetro is conducting due diligence on a number of strategic opportunities, including in the US and Canada. ‘We remain focused on returning Pennpetro Energy to trading, restoring value, and building a stronger foundation for long-term growth, with shareholder support and market confidence,’ he concluded. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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