IN BRIEF: Pennpetro Energy progresses three reverse takeover hopes

Pennpetro Energy PLC - London-based developer of energy projects in Ukraine, US and Canada - Says over the past 7 months, Chief Executive Mavriky Kalugin has been focused on negotiating opportunities that the board believes bring mutual benefit to the company and its partners. The board has focused on those opportunities which bring production and cashflow more immediately, generating revenue whilst other opportunities, more exploratory in nature, are developed over time. The board prefers a diversified geographical approach to mitigate risk of a single licence opportunity in Ukraine and has been actively reviewing a number of opportunities in the US and Canada. At this stage, the board expects that one or more of the available opportunities will be reverse takeovers under the FCA’s Listing Rules. Three opportunities, one in Ukraine and two in Oklahoma, US, have reached advanced staged. In order to expedite these projects, RMD will provide short-term debt funding. ‘These agreements mark an important step in the delivery of our revised strategy to build a diversified portfolio of oil and gas assets capable of generating near-term production and cash flow,’ company says.

Current stock price: 9.00 pence

12-month change: up 0.5%

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