Pennpetro Energy Plc (LSE:PPP) has announced a major step forward in its financial restructuring, securing a funding commitment from GEM Global LLC SCS. This arrangement has enabled the company to issue a going concern memorandum to its auditors—an essential milestone in completing its financial audit for the fiscal year ending March 2024.
As part of its broader turnaround strategy, Pennpetro is addressing legacy financial challenges, including the resolution of a £500,000 judgment and the renegotiation of outstanding debts held by its U.S. subsidiary. The company also plans to issue new ordinary shares as part of a debt reduction initiative and has established a Convertible Loan Note Facility with GEM. This facility is expected to provide vital working capital and support Pennpetro’s plans to resume trading on the London Stock Exchange.
About Pennpetro Energy Plc
Pennpetro Energy Plc is an oil and gas exploration and production company focused on developing energy assets. Through strategic financial agreements and targeted development plans, the company aims to stabilize its operations and expand its footprint within the energy sector.
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