TIDMPPP
RNS Number : 6365A
Pennpetro Energy PLC
30 September 2020
30 September 20 20
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Results for the 6 months ended 30 June 2020 (Unaudited)
Pennpetro Energy, an independent oil and gas company focusing on
production in the Gonzales Oil Field in Texas, USA, announces today
its financial results for the six months ended 30 June 2020.
Financial summary
-- The financial results for the six months ended 30
June 2020 show a loss after tax of $592,000 (at H1
2019: loss $929,000).
-- The Group's borrowings, which were non-current, at
30 June 2020 were $4,141,000 (at H1 2019: $5,996,000).
-- During the period the Company converted borrowings
of GBP2,059,202 into equity through the issue of 4,118,404
new shares.
Operational summary
-- The Covid-19 pandemic curtailed all Texas-based operational
activity.
-- Significant developments in the pursuit of Proprietary
Intellectual Property green technologies.
Outlook
In line with our strategy, all our operations are in highly
active plays where the economics of drilling and producing remain
attractive at sub-US$30 oil prices. This highlights the success we
have had in taking advantage of the prior industry downturn to
accelerate our South Texas leasehold position in favor of the
Austin Chalk and Eagleford Shale. As prior reported we have
energized our entire portfolio having successfully drilled and test
produced oil in the lower lying Buda formation as an economic
reserve. With a strategic foothold in these prolific, low cost
plays established, and a proven management team in place, we will
look to expand our drilling activities, initially with regard to
the re-entering the Austin Chalk formation of the COG#1 well which
flowed oil, with a view to placing that formation on full
production.
During the first half, the Covid-19 pandemic caused, and
continues to cause, severe problems within Texas. With severe
lockdowns in place, it is one of the hardest hit States within
North America. We anticipate a softening during Q4, which will
enable us to reactivate our operational activity . This will
coincide with a further drawdown of funds to drill the horizontal
well.
Chairman's Statement
During the period under review the Company encountered severe
problems with regard to its ongoing operations in Texas, the
Company's prime area of operating. Firstly, the state has been
hard-hit by the global Covid-19 pandemic. Texas, which attempted to
re-open its business activities early following the recommendations
of the President to get businesses back to work as soon as
possible, quickly encountered a very severe pandemic whiplash which
has resulted in the reimposition of lockdowns and restrictions
imposed by the State Governor.
Secondly, Texas and New Orleans have been badly affected with
increased hurricane activity coming in from the Gulf of Mexico,
impacting both field and re-energised field operations, with
unprecedented force and activity. There has been a marked increase
in these conditions during 2020 as opposed to earlier years.
Hurricane Harvey, although a lower force hurricane than the current
crop, severely impacted our initial drilling operations on COG#1
for a few months in 2017. With the double impact of the Covid-19
pandemic and unprecedented strong hurricane activity our operations
will only resume later in Q4 with the planned re-entry to the
Austin Chalk horizontal formation in our COG#1. This formation
flowed strong oil in our operations prior to testing the Buda
formation (successfully) and will be placed to commercial
production.
Despite these challenges, we made solid progress in reducing our
borrowings by being able to convert the sum of GBP2,059,202 into
equity. We agreed a Debt conversion for equity at an agreed value
of converting 4,118,404 shares at a price of 50 pence each. These
shares have been issued, as per our RNS on 30 April 2020, to RB
Equity Nominees Limited, and they now represent a holding of 5.59%
of our increased share capital of 76,452,106. This has solidified
our balance sheet extinguishing liabilities significantly.
On a further very positive note over the past few months the
Company has been exploring the acquisition of an interesting
Intellectual Property portfolio within the green technologies
sector. The technologies which have been developed from within the
petroleum sector encompass the provision of g reen e nergy by the
remediation of both petrochemical and industrial waste without any
harmful emissions, truly embracing the ethos of alternative energy
whilst protecting the environment. There can be no certainty a
transaction will take place at this stage and w e will of course
provide market updates as we progress.
The period under review has been challenging due to a series of
unprecedented factors - to paraphrase a royal comment, annus
horribilis. As we all appreciate, it is the darkest just before the
dawn of the new day - the Company is well placed to capitalise not
only on the recovery in sentiment within the US and global
petroleum sectors, but our pursuit of the most exciting green
technologies with which to work. Our aim is to be an
all-encompassing energy company.
We remain confident in our petroleum assets and our US
operations, and the Board will continue to build upon what has been
a promising and strangely busy period for the Group.
Keith Edelman
Non-Executive Director, Chairman
30 September 2020
Executive Director's Statement
Operations
As prior reported the Operator filed formal completion
certificates with the Texas Railroad Commission confirming that the
COG#1-H well is being completed as an initial producer to the Buda
formation. As reported in the overview, we will look to expand our
drill-focused activities, initially with regard to the re-entering
the Austin Chalk formation of the COG#1 well which flowed oil, with
a view to placing that formation on full production. In conjunction
with our increasing our ownership of the oilfield leases from 75%
to 100%, we took steps with the Texas Railroad Commission to assume
the Operatorship of the project. The Texas Railroad Commission has
now formally approved the transfer, and out subsidiary company,
Nobel Petroleum USA, Inc., is now the Operator of record. Our
management team have alongside the current Operator's management
team to expand and assist our ongoing activities.
As discussed by the Chairman, the onset of the Covid-19 pandemic
has absolutely curtailed our operations within Texas. We are
focused on resuming operations as soon as practicable with, as
stated, emphasis on the re-entry of the horizontal Austin Chalk
formation. Our indications are that the one bright aspect of both
the Corona pandemic and the general pull back in oil pricing is
delivering very much sharper pricing from all the various drilling
and supply contractors with many just wanting to maintain crew
costs above all else. This bodes well for our future operational
activities as when a degree of normality resumes within the oil
patch, pricing levels will have certainly stabilized at discounts
to pre-Covid-19 levels.
Within this oil price environment, Pennpetro is emerging as a
low-cost, asset-backed US onshore oil and gas business. Subject to
oil prices, market conditions and sentiment, which currently are
quite positive given that the price of West Texas Intermediate has
held around $40, together with the advent of reduced US shale
operations together with shut-ins which now seem firmly in place, I
remain confident that we can deliver our strategy by acquiring
leases in active and producing US onshore plays and proving up the
reserves by drilling new wells.
As prior mentioned, this platform is one that has, at its core,
the active management of all types of risk associated with the oil
and gas industry. Broadly speaking development risk is managed by
focusing on proven formations; execution risk is managed by
participating in drilling activities alongside established industry
partners and operators. Additionally, again, it is worth noting
that our operations offset those of major industry players, such as
EOG Resources, Inc., billion dollar goliath; individual well risk
is managed by building a diversified portfolio of leases and wells
and limiting the amount of interest the Group holds in any one
well; meanwhile oil price risk is managed by focusing on areas that
require relatively low oil prices to breakeven and ensuring our
cost base, capital commitments and financing costs remain low,
manageable and flexible.
As prior reported, EOG Resources has now also turned its full
attention to the Austin Chalk formations both in Texas and its
continuance into Louisiana with recent acquisitions by
Conoco-Phillips, Marathon Oil Corp, alongside the recent formation
of Magnolia Oil by TPG Pace Energy and EnerVest to specifically
focus on the Austin Chalk, as the Austin Chalk has a higher oil
content then Permian drilled completions. Gonzales County sits
right in the middle of the Austin Chalk trend.
Pennpetro's Board currently comprises four Directors, who
collectively have extensive international experience and a proven
track record in investment, corporate finance and business
acquisition, operation and development and are well placed to
implement the Company's business objectives and strategy.
We believe the Company's Board and US management team is strong
in terms of having the right mix of industry expertise covering all
key areas of the business, including lease acquisition, geology,
engineering, and finance.
Oil Price
West Texas Intermediate ( "WTI") has continued its strength
throughout the period under review averaging US$39.67/bbl. The
value of WTI as at 17 September 2020 was US$41.11 /bbl (source:
Bloomberg Markets). We will receive a premium of approximately
US$5/bbl for Gonzales crude oil deliveries.
Outlook
In line with our strategy, all our operations are in highly
active plays where the economics of drilling and producing remain
attractive at sub-US$30 oil prices. This highlights the success we
have had in taking advantage of the prior industry downturn to
accelerate the positioning of our South Texas leasehold position in
favour of the Austin Chalk and Eagleford Shale. To this we can now
add the unexpected bonus of the Buda Limestone formation reserves
which we can now confidently state will increase our overall proved
oil reserves, albeit we await a formal new CPR to be prepared in
this regard.
For 2020, our main City of Gonzales objectives were to commence
full production of the COG#1-H well, acquire additional land leases
and basis a review of legacy 2D seismic to carry out a 3-D seismic
survey of our land interests. With the Covid-19 pandemic, these
objectives were thrown into total disarray. However, as the
Chairman has sanguinely remarked, it's always the darkest just
before the dawn. We still anticipate that we will be able to
recommence work-over operations on the Austin Chalk formation in
late 2020 to activate production.
We are very confident in the future.
Finally, I would like to thank the Board, management team and
all our advisers for their hard work over the period under review
and also to our shareholders for their continued support.
Thomas Evans
Executive Director
30 September 2020
For further information, please contact:
Pennpetro Energy plc
Thomas Evans tme@pennpetroenergy.co.uk
Instinctif pennpetro@instinctif.com
Mark Garraway / Sarah Hourahane +44 (0)20 7457 2020
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.
Further information on the Company can be found at
www.pennpetroenergy.co.uk
IMPORTANT NOTICE - FORWARD-LOOKING STATEMENTS
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These
forward-looking statements include all matters that are not
historical facts and involve predictions. Forward-looking
statements may and often do differ materially from actual results.
In addition, even if results or developments are consistent with
the forward-looking statements contained in this announcement,
those results or developments may not be indicative of results or
developments in subsequent periods. Any forward-looking statements
reflect the Group's current view with respect to future events and
are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's business,
results of operations, financial position, liquidity, prospects,
growth or strategies and the industry in which it operates.
Forward-looking statements speak only as of the date they are made
and cannot be relied upon as a guide to future performance.
Strategic report and business review
To the members of Pennpetro Energy plc
Cautionary statement
This business review has been prepared solely to provide
additional information to shareholders to assess the Company's
strategies and the potential for those strategies to succeed.
The business review contains certain forward-looking statements.
These statements are made by the Directors in good faith based on
the information available to them up to the time of their approval
of this report and such statements should be treated with caution
due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward looking
information.
This business review has been prepared for the Group as a whole
and therefore gives greater emphasis to those matters which are
significant to Pennpetro Energy plc and its subsidiary undertakings
when viewed as a whole.
The Group's business model
Pennpetro's intention is to become an active independent North
American development production company.
The key elements of Pennpetro's strategy for achieving this goal
are:
-- The creation of value through production development success
and operational strengths, commencing with the Group's COGLA
assets.
-- Focusing on commercialisation and monetisation of oil and gas
discoveries, and potentially utilising cash flows from initial
projects to fund the acquisition or development of future
projects.
-- Active asset portfolio management.
-- Positioning the Company as a competent partner of choice to
maximise opportunities and value throughout the E&P
lifecycle.
Summary results for the 2020 interim financial period
A summary of the key financial results is set out in the table
below:
Half year Full year Half year
ended ended ended
30 Jun 2020 31 Dec 2019 30 Jun 2019
$'000 $'000 $'000
--------------------- ------------ ------------ -------------------------
Revenue - - -
Operating expenses (455) (1,143) (645)
--------------------- ------------ ------------ -------------------------
Operating loss (455) (1,143) (645)
Finance income 5 1 -
Finance costs (142) (526) (284)
--------------------- ------------ ------------ -------------------------
Loss before tax (592) (1,668) (929)
Taxation - - -
--------------------- ------------ ------------ -------------------------
Loss for the period (592) (1,668) (929)
Interest
The net interest cost for the Group for the period was $137k
(2019: $284k).
Loss before tax
Loss before tax for the period was $0.6m (2019: $0.9m).
Taxation
Taxation charge was $nil for the period (2019: $nil).
Earnings per share
Basic and diluted earnings per share for the period were 0.80c
loss (2019: 1.29c loss).
Financial position
The Group's balance sheet as at 30 June 2020 can be summarised
as set out in the table below:
Assets
Liabilities Net assets
GBP'm GBP'm GBP'm
$'000 $'000 $'000
-------------------------------- ------- ------------ -----------
Non-current assets 5,627 - 5,627
Current assets and liabilities 403 (374) 29
Loans and provisions - (4,141) (4,141)
Total as at 30 June 2020 6,030 (4,515) 1,515
-------------------------------- ------- ------------ -----------
Total as at 31 December 2019 6,030 (6,345) (315)
-------------------------------- ------- ------------ -----------
Total as at 30 June 2019 6,313 (6,138) 175
-------------------------------- ------- ------------ -----------
Cash flow
Net cash inflow for 2020 was $nil (2019: $nil).
Consolidated Income Statement
For the six months ended 30 June 2020
Notes Unaudited Audited Unaudited
Half year Full year Half year
ended ended ended
31 Dec 30 Jun
30 Jun 2020 2019 2019
Continuing operations $'000 $'000 $'000
Revenue - - -
Cost of sales - - -
---------------------------------- ------ ------------ ----------- -----------
Gross profit - - -
---------------------------------- ------ ------------ ----------- -----------
Operating expenses (455) (1,143) (645)
---------------------------------- ------ ------------ ----------- -----------
Operating loss (455) (1,143) (645)
Finance income 5 1 -
Finance expense (142) (526) (284)
Loss before income tax (592) (1,668) (929)
Taxation - - -
Loss for the period attributable
to the owners of the Company (592) (1,668) (929)
---------------------------------- ------ ------------ ----------- -----------
Loss per share attributable
to owners of the Company
From continuing operations:
Basic & diluted (cents per
share) 2 (0.80) (2.31) (1.29)
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2020
Unaudited Audited Unaudited
Half year Full year Half year
ended ended ended
30 Jun 2020 31 Dec 2019 30 Jun 2019
$'000 $'000 $'000
--------------------------------- ----------- ----------- -----------
Loss for the period (592) (1,668) (929)
Other comprehensive income
--------------------------------- ----------- ----------- -----------
Items that may be subsequently
reclassified as profit or loss
Currency translation differences (319) 69 4
--------------------------------- ----------- ----------- -----------
Total comprehensive loss for the
year attributable to the owners
of the Company (911) (1,599) (925)
--------------------------------- ----------- ----------- -----------
Consolidated Balance Sheet
As at 30 June 2020
Notes Unaudited Audited Unaudited
30 Jun 2020 31 Dec 2019 30 Jun 2019
$'000 $'000 $'000
Non-current assets
------------------------------- ------ ------------- ------------- -------------
Property, plant & equipment 3 1,363 1,363 1,335
Intangible assets 4 4,264 4,242 4,163
------------------------------- ------ ------------- ------------- -------------
Total non-current assets 5,627 5,605 5,498
------------------------------- ------ ------------- ------------- -------------
Current assets
------------------------------- ------ ------------- ------------- -------------
Trade and other receivables 323 357 345
Short term investments 72 60 470
Cash 8 8 -
------------------------------- ------ ------------- ------------- -------------
Total current assets 403 425 815
------------------------------- ------ ------------- ------------- -------------
Total assets 6,030 6,030 6,313
=============================== ====== ============= ============= =============
Equity and liabilities
------------------------------- ------ ------------- ------------- -------------
Share capital 5 979 927 927
Share premium 5 4,083 1,539 1,551
Convertible reserve 6,022 6,022 6,022
Reorganisation reserve (6,578) (6,578) (6,578)
Foreign exchange reserve (258) 61 (3)
Share based payment reserve 584 439 240
Retained losses (3,317) (2,725) (1,984)
------------------------------- ------ ------------- ------------- -------------
Total equity 1,515 (315) 175
------------------------------- ------ ------------- ------------- -------------
Non-current liabilities
------------------------------- ------ ------------- ------------- -------------
Borrowings 4,141 - 5,996
------------------------------- ------ ------------- ------------- -------------
Total non-current liabilities 4,141 - 5,996
------------------------------- ------ ------------- ------------- -------------
Current liabilities
------------------------------- ------ ------------- ------------- -------------
Borrowings - 6,079 -
Trade and other payables 374 266 142
------------------------------- ------ ------------- ------------- -------------
Total current liabilities 374 6,345 142
------------------------------- ------ ------------- ------------- -------------
Total Equity and Liabilities 6,030 6,030 6,313
=============================== ====== ============= ============= =============
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2020
Group Share Share premium Convertible Share based Re-organisation Foreign Retained Total
capital reserve payment reserve reserve exchange losses Equity
reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 1
January 2019 908 625 6,022 60 (6,578) (7) (1,055) (25)
Loss for the
period - - - - - - (929) (929)
Currency
translation
differences - - - - - 4 - 4
Total
comprehensive
loss
for the period - - - - - 4 (929) (925)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Shares issued 19 1,002 - - - - - 1,021
Cost of shares
issued - (76) - - - - - (76)
Share based
payments - - - 180 - - - 180
Balance at 30
June 2019 927 1,551 6,022 240 (6,578) (3) (1,984) 175
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Loss for the
period - - - - - - (741) (741)
Currency
translation
differences - (12) - - - 64 - 52
Total
comprehensive
loss
for the period - - - - - 64 (741) (677)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Share based
payments - - - 199 - - - 199
Balance at 31
December 2019 927 1,539 6,022 439 (6,578) 61 (2,725) (315)
Loss for the
period - - - - - - (592) (592)
Currency
translation
differences - - - - - (319) - (319)
Total
comprehensive
loss
for the period - - - - - (319) (592) (911)
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Shares issued 52 2,544 - - - - - 2,596
Share based
payments - - - 145 - - - 145
--------------- -------- ------------- ----------- --------------- --------------- ---------- -------- -------
Balance at 30
June 2020 979 4,083 6,022 584 (6,578) (258) (3,317) 1,515
=============== ======== ============= =========== =============== =============== ========== ======== =======
Consolidated Cash Flow Statement
For the six months ended 30 June 2020
Unaudited Audited Unaudited
Half year Full year Half year
ended ended ended
30 Jun 2020 31 Dec 2019 30 Jun 2019
$'000 $'000 $'000
-------------------------------------- ------------ ------------ ------------
Cash flows from operating activities
-------------------------------------- ------------ ------------ ------------
Loss for the period (592) (1,668) (929)
Adjustment for:
Depreciation 1 3 1
Amortisation 45 90 45
Unrealised foreign exchange (155) - 4
Finance income - (1) -
Finance costs 136 526 284
Share based payment charge 179 362 180
(Increase)/decrease in receivables 35 27 (13)
Increase/(decrease) in payables 108 79 (47)
Interest paid - (176) (102)
Net cash used in operating activities (243) (758) (577)
-------------------------------------- ------------ ------------ ------------
Cash flows from investing activities
-------------------------------------- ------------ ------------ ------------
Increase in development expenditure (67) (185) (8)
Purchase of property, plant &
equipment (2) (86) (56)
Short-term investments (12) 106 (304)
Net cash used in investing activities (81) (165) (368)
-------------------------------------- ------------ ------------ ------------
Cash flows from financing activities
-------------------------------------- ------------ ------------ ------------
Shares issued 2,596 1,006 1,021
Cost of shares issued - (75) (76)
(Repayment) of borrowings (2,350) - -
Proceeds from borrowings 84 - -
Borrowing costs (6) - -
Net cash generated from financing
activities 324 931 945
-------------------------------------- ------------ ------------ ------------
Net increase/(decrease) in cash
and cash equivalents - 8 -
-------------------------------------- ------------ ------------ ------------
Cash and cash equivalents brought
forward 8 - -
-------------------------------------- ------------ ------------ ------------
Exchange gain on cash and cash
equivalents - - -
-------------------------------------- ------------ ------------ ------------
Cash and cash equivalents carried
forward 8 8 -
-------------------------------------- ------------ ------------ ------------
General Information
The Consolidated Financial Statements of Pennpetro Energy plc
("the Company") consists of the following companies (together "the
Group"):
Pennpetro Energy plc UK registered company
Nobel Petroleum UK Limited UK registered company
Nobel Petroleum USA Inc US registered company
Nobel Petroleum LLC US registered company
Pennpetro USA Corp US registered company
The Company is a public limited company which is listed on the
standard market of the London Stock Exchange and incorporated and
domiciled in England and Wales. Its registered office address is
First Floor, 88 Whitfield Street, London, W1T 4EZ.
The Group is an oil and gas developer with assets in Texas,
United States. The Company's US-based subsidiaries own a portfolio
of leasehold petroleum mineral interests centred on the City of
Gonzalez, in southeast Texas, comprising the undeveloped central
portion of the Gonzales Oil Field.
Responsibility statement
Each of the Directors of the Company confirms that to the best
of his or her knowledge:
a. the condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting";
b. the half year report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year);
c. the half year report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein.
Summary of significant accounting policies
Except as described below, the accounting policies applied in
these interim financial statements are the same as those applied in
the Group's consolidated financial statements as at and for the
year ended 31 December 2019.
The changes in accounting policy set out below will also be
reflected in the Group's consolidated financial
statements for the year ended 31 December 20 20 , if any.
1. New standards, interpretations and amendments effective from 1 January 20 20
There are no material adjustments required to be made to the
Group's consolidated financial statements as a
result of new standards effective from 1 January 20 20 .
2. Earnings per share
Basic and diluted
Earnings per share is calculated by dividing the loss
attributable to the equity holders of the Company by the weighted
average number of ordinary shares in issue during the period,
excluding ordinary shares purchased by the Company and held as
treasury shares.
Half year Half year
ended (Audited) Full year ended ended
30 Jun 2020 31 Dec 2019 30 Jun 2019
Loss attributable to equity holders of the Company ($'000) (592) (1,668) (929)
Weighted average number of shares in issue
(Number '000) 73,737 72,157 71,977
----------------------------------------------------------- ----------- ------------------------- -----------
Earnings per share (cents) (0.80) (2.31) (1.29)
----------------------------------------------------------- ----------- ------------------------- -----------
3. Property, plant and equipment
Petroleum Office Total
(Mineral Leases) Equipment $
Cost $ $
At 1 January 2019 1,275,597 11,143 1,286,740
Additions 56,406 - 56,406
Currency translation - 25 25
At 30 June 2019 1,332,003 11,168 1,343,171
Additions 29,160 - 29,160
Currency translation - 344 344
At 31 December 2019 1,361,163 11,512 1,372,675
Additions 2,000 - 2,000
Currency translation - (623) (623)
At 30 June 2020 1,363,163 10,889 1,374,052
Accumulated Depreciation and Impairment
At 1 January 2019 - 6,826 6,826
Charge for the period - 1,411 1,411
Currency translation - (37) (37)
At 30 June 2019 - 8,200 8,200
Charge for the period - 1,381 1,381
Currency translation - 360 360
At 31 December 2019 - 9,941 9,941
Charge for the period - 1,233 1,233
Currency translation - (573) (573)
At 30 June 2020 - 10,601 10,601
Net Book Amount
At 1 January 2019 1,275,597 4,317 1,279,914
================== =========== ==========
At 30 June 2019 1,332,003 2,968 1,334,971
================== =========== ==========
At 31 December 2019 1,361,163 1,571 1,362,734
================== =========== ==========
At 30 June 2020 1,363,163 288 1,363,451
================== =========== ==========
4. Intangible assets
Drilling Loan arrangement fees Total
costs $ $
Cost $
At 1 January 2019 3,842,241 270,339 4,112,580
Additions 8,430 - 8,430
Add: Reclassification from other receivables 192,085 - 192,085
At 30 June 2019 4,042,756 270,339 4,313,095
Additions 123,981 - 123,981
Add: Reclassification from other receivables - - -
At 31 December 2019 4,166,737 270,339 4,437,076
Additions 67,153 - 67,153
Add: Reclassification from other receivables - - -
At 30 June 2020 4,233,890 270,339 4,504,229
Amortisation
At 1 January 2019 - 105,132 105,132
Amortisation charge for the year - 45,056 45,056
At 30 June 2019 - 150,188 150,188
Amortisation charge for the year - 45,057 45,057
At 31 December 2019 - 195,245 195,245
Amortisation charge for the year - 45,056 45,056
At 30 June 2020 - 240,301 240,301
Net Book Amount
At 1 January 2019 3,842,241 165,207 4,007,448
========== ====================== ==========
At 30 June 2019 4,042,756 120,151 4,162,907
========== ====================== ==========
At 31 December 2019 4,166,737 75,094 4,241,831
========== ====================== ==========
At 30 June 2020 4,233,890 30,038 4,263,928
========== ====================== ==========
5. Share capital and premium
Ordinary shares Share premium
Group Number of shares V alue V alue V alue V alue Total
GBP $ GBP $ $
At 1 January 201 9 70,900,000 709,000 908,404 472,400 625,504 1,533,908
================== ======== ======== ========== ========== ==========
Share issue 1,433,702 14,337 18,558 774,198 1,002,136 1,020,694
Issue costs - - - (59,100) (76,500) (76,500)
At 30 June 201 9 72,333,702 723,337 926,962 1,187,498 1,551,140 2,478,102
================== ======== ======== ========== ========== ==========
Foreign currency adjustment - - (251) - (12,504) -
At 31 December 201 9 72,333,702 723,337 926,711 1,187,498 1,538,636 2,465,347
================== ======== ======== ========== ========== ==========
Share issue 4,118,404 41,184 51,932 2,018,018 2,544,686 2,596,618
At 30 June 20 20 76,452,106 764,521 978,643 3,205,516 4,083,322 5,061,965
================== ======== ======== ========== ========== ==========
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