20th Jun 2025 21:13
(Alliance News) - Pennpetro Energy PLC on Friday said it auditors were in the final review process for its financial 2024 results, following its receipt of the sufficient funds via a convertible loan note facility with GEM Global Yield LLC SCS.
The Texas-focused oil and gas company said the audit related to its statements for the year that ended March 31, 2024, and is expected to be completed "shortly".
Pennpetro noted that "part of the reason for the delay in producing the audited accounts was due to the lack of records by the company". As a result, shares in Pennpetro Energy have been suspended from trading in London since the end of July 2024.
On top of the loan facility, Pennpetro will award 80 million warrants at 4 pence each to GEM, for a term of five years. GEM also as part of the term sheet agree to reinstating the prior GBP20 million SSF.
"The board considers that this provides the company with the short, medium and longer term finance it needs to deliver value to its shareholders," said Pennpetro.
The company also said that, "due to the significantly higher than expected debts of the company's US subsidiaries", it has not yet been able to complete the deal announced in July last year with energy trading firm Globalvision International U LDA.
Pennpetro last year agreed to buy all shares in Pennpetro subsidiary Texas Nobel USA Inc from Globalvision, in exchange for a life of asset that was at the time estimated at around 30 years of oil sales revenue.
Pennpetro is still in talks on the best way to move forward with its US subsidiaries.
The company asked for "shareholders' patience" while the audit for its financial 2024 results are finalised.
By Emily Parsons, Alliance News reporter
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