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An announcement from Pennpetro Energy Plc ( (GB:PPP) ) is now available.
Pennpetro Energy has announced that CEO Mavriky Kalugin will travel to Gonzales County and other locations in Texas in early February for an on-the-ground audit of the company’s U.S. subsidiaries, structures, assets and licences, with particular focus on the status of its fully impaired legacy Texas assets. Over a two-week visit he will assess the condition, accessibility and any remaining rights over leases and equipment, after which he will report to the board, forming the basis of a shareholder update aimed at resolving lingering uncertainty around these assets. Executive chairman Richard Spinks framed the move as a response to shareholder demands for clear, accurate reporting and as a corrective to shortcomings under previous management, positioning the exercise as key to restoring confidence in governance and ensuring no residual value is overlooked before the company fully moves past its U.S. legacy issues.
More about Pennpetro Energy Plc
Pennpetro Energy Plc, listed on the London Stock Exchange, focuses on developing strategic traditional and transition energy projects. The company operates through subsidiaries holding energy assets and licences, including previously impaired oil and gas interests in Texas, with a stated emphasis on improving corporate governance and transparency for its shareholder base.
Average Trading Volume: 512,108
Technical Sentiment Signal: Sell
Current Market Cap: £9.57M
For detailed information about PPP stock, go to TipRanks’ Stock Analysis page.