Pennpetro Energy PLC Board change and reporting extension (5164V)
15 April 2021 - 4:00PM
UK Regulatory
TIDMPPP
RNS Number : 5164V
Pennpetro Energy PLC
15 April 2021
15 April 20 21
Pennpetro Energy plc
("Pennpetro", the "Company" or the "Group")
Board change and reporting extension
Pennpetro Energy, an independent oil and gas company focusing on
production in the Gonzales Oil Field in Texas, USA, announces that
Mr. Andy C. Clifford has been appointed President of its wholly
owned subsidiary company Nobel Petroleum USA, Inc., the designated
operator approved by the Texas Railroad Commission as the Regulator
for the Company's petroleum activities within the State of Texas .
This will enable Nobel to re-engage in operational activities as
the Texas petroleum industry starts to emerge from COVID -19
restrictions. The initial focus of the Nobel team will be to
examine placing the company's initial well back to production.
Mr. Clifford holds a B.Sc. (Honors) in Geology/Geophysics from
London University (1978). He is a seasoned oil and gas executive
with over 42 years of experience in the international and domestic
arenas with a proven track record in leadership of exploration and
development programs in practically every important petroleum basin
throughout the world and credited with the discovery of over 2
billion BOE of reserves worldwide, having worked for ExxonMobil,
Kuwait Foreign Petroleum, BHP Billiton, Aurora Gas and Saratoga.
His positions at BHP included VP Strategic Planning Worldwide and
VP Exploration America and he personally negotiated contracts in
many countries including Algeria, Congo, Myanmar, Russia, Trinidad
and Vietnam, to name a few. He has rung the bell at NYSE and his
company won Oil and Gas Investors prestigious Turnaround of the
Year Award in 2010.
In line with the appointment of Mr. Clifford, Mr. Keith Edelman,
the Company's non-executive Chairman will step down from the board
of directors but remains as a corporate consultant to Pennpetro.
Mr. Edelman welcomes Mr. Clifford's appointment as the Company
takes forward steps to reactivate its Texas based assets. Mr. Olaf
Rapp will assume the role of non-executive Chairman, effective
immediately.
The Board thanks Mr Edelman for his substantive input in guiding
the C ompany from its initial listing on the London Stock Exchange
and welcomes his further corporate involvement with the company as
it progresses its development activities.
F ull year results extension
Further to the Financial Conduct Authority's (FCA) policy
statement issued on 27 January 2021, pursuant to which the
financial reporting deadline for listed companies has been extended
by two months, the Company wishes to confirm that it intends to
report its financial results for the year ended 31 December 2020 in
accordance with the reporting extension by the end of June
2021.
The Company's assets are located in the United States of
America, which have been subject to government restrictions due to
the COVID-19 pandemic for some time. The FCA policy statement,
extending the reporting deadline, is therefore welcomed by the
Company as a practical solution to take account of the challenges
of corporate reporting due to the global impact of COVID-19.
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
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END
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