Pennpetro Energy Plc (LSE:PPP) has announced a series of senior leadership changes alongside updates on its operational strategy. Mavriky Kalugin has been promoted to the role of Chief Executive Officer, while Richard Spinks has been appointed Executive Chairman, strengthening the company’s leadership structure as it moves into its next phase.
The refreshed management team is sharpening the group’s operational focus, with particular attention on asset evaluation and the generation of near-term cash flow within its oil and gas portfolio. These priorities are intended to improve capital discipline and support sustainable operational progress.
Pennpetro also confirmed continued advancement of its activities in Ukraine. This includes securing a lease arrangement for a well and undertaking preparatory work ahead of drilling operations. Funding for these activities is being provided by RMD Group, enabling progress without placing additional strain on the company’s balance sheet.
Collectively, these developments are designed to enhance governance standards and operational readiness, supporting Pennpetro’s objective of returning to trading on the London Stock Exchange.
More about Pennpetro Energy Plc
Pennpetro Energy Plc focuses on the development of strategic conventional and transition energy projects, with a primary emphasis on oil and gas assets.
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