Directorate Change

RNS Number : 4429U

Pennpetro Energy PLC

28 March 2023

 

Pennpetro Energy PLC

("Pennpetro" or the "Company")

Director Change

London, 28 March 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on production and development in Gonzales County, Texas, USA , announces that Mr. David Lenigas has joined the Board as a Director and Executive Chairman with immediate effect. Mr. Olof Rapp will remain on the Board as a Non-Executive Independent Director.

Mr. Lenigas is a mining engineer with extensive senior corporate experience across stock exchanges in the UK, Australia, Canada, and South Africa. He has been Chairman of various petroleum focused exploration and development companies with operations in Spain, UK, Trinidad and the USA. His corporate and operational experience will greatly assist the Company as it moves towards its goals of becoming an oil producer.

Tom Evans, Pennpetro's CEO, commented: "We are pleased to welcome someone of David's calibre and experience to the Board of Pennpetro. He shares our Board's vision and strategy of becoming an oil producer this year. We are confident that he will add great value to our dedicated team of petroleum industry specialists. Lastly, I would like to thank Olof for his chairmanship during very challenging circumstances for the Company and I am delighted he has agreed to resume his non- executive director's role during this transformational period for us."

David Lenigas added: "I'm pleased to have joined the Board of Pennpetro, my only petroleum sector related board position. The Company has a powerful story to tell as it moves towards drilling its first development wells in Gonzales County in Texas. The momentum behind the business should grow rapidly. I believe my experience and skills are a great fit for Pennpetro and I am excited to play a role in the future growth of the Company."

An incentive options package for Mr. Lenigas of three million options exercisable at 7.5 pence and three million options exercisable at 10p (both with two-year exercise terms) will be put to shareholders for approval and be subject to regulatory approvals if required.

Presently, Mr. Lenigas is Executive Chairman of Riversgold Ltd and Rincon Resources Ltd, both listed on the Australian Stock Exchange ( " ASX") and an executive director of Odessa Minerals Ltd, also listed on the ASX. In the previous five years, Mr. Lenigas has been on the boards of the following public listed companies: Macarthur Minerals Ltd, Doriemus Plc, Elixxer Ltd, AfriAg Global Plc, Artemis Resources Ltd, Auroch Minerals Ltd, Southern Hemisphere Mining Ltd, Clancy Exploration Ltd, Hampton Bay Capital Inc, Future Farm Technologies, Generation Alpha Inc, and NQ Minerals Plc (in liquidation 2022), Anglo African Agriculture Plc.

There is no further information to be declared in accordance with LR 9.6.13.

 -ENDS-

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

ENQUIRIES:

Pennpetro Energy PLC: Tom Evans, CEO	[e-mail]
Brokers: Zeus Capital Simon Johnson	[phone]
Peterhouse Capital Limited Lucy Williams  Duncan Vasey	[phone] [phone]
Media and Investor Relations: Instinctif Partners   Galyna Kulachek Isadora Pegler	[e-mail] [phone]

NOTES TO EDITORS:

Pennpetro Energy is an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted to the Official List of the London Stock Exchange by way of a Standard Listing on 21 December 2017 with the ticker symbol "PPP". Its wholly owned subsidiary, Nobel Petroleum USA Inc. has a Participation, Development and Option Agreement and Joint Operating Agreement with Texas based Millennium PetroCapital Corporation over a 250,000 acre Area of Mutual Interest in Gonzales County, Texas, aimed at exploiting the prolific proven Austin Chalk oil and gas play.

Further information on the Company can be found at www.pennpetroenergy.co.uk

 

END

 

 

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