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On 10 April 2026, Pennpetro Energy Plc announced that CEO Mavriky Kalugin will arrive in Texas next week with the intention of returning the Chalk Talk A-1H well to production. Work is projected to begin shortly, pending confirmation of lapsed lease terms, including payment of unpaid royalties, with RMD Group having committed funding for the full resumption of operations.
| Date | 10 Apr 2026 |
| Time | 17:00:00 |
| Category | Corporate updates |
| ID | 0601A |
10 April 2026
Pennpetro Energy Plc
("Pennpetro" or the "Company")
US operational and asset update
Pennpetro Energy plc, the company focused on developing strategic energy projects, announces the Chief Executive, Mavriky Kalugin, will arrive in Texas next week with the intention of returning the first, of at least one of the Company's wells, to production in the near term, following the recent announcement made on 26th March 2026.
Mavriky will focus on the steps necessary to enable restarting of production at the Chalk Talk A-1H well, expected to generate near-term revenue and subject to conditions set by the board being met, reverse prior impairment losses over this well and associated assets.
Work is projected to begin shortly, pending ongoing confirmation of terms for the lapsed lease over that well location, which includes the payment to the lease owners of unpaid royalties owed on the oil extracted in the past from the same. RMD Group have committed funding to allow for the full resumption of operation, including legacy issues to be cleared.
Further updates will be issued on this matter once Mavriky arrives in Texas and boxes are ticked towards production start and as we move beyond this first stage in our strategy.
Richard Spinks, Executive Chairman said: "Repairing damaged relationships in Texas, as has been necessary elsewhere, and returning the Chalk Talk A-1H well to production, once achieved, will be an important milestone in returning PPP to positive cashflow. Whilst proving the Company can become a 'straight shooting' operator in the local market with good intentions towards partners, we will be taken more seriously for further opportunity.
"Operating this first well will give us a springboard to grow our production and asset base as we simultaneously, back in London, continue moving towards a return to trading.
"I would like to thank Mavriky for leaving his family at a difficult time for them all and travelling to Texas to focus his expert attention on this matter."
ENDS
For further information, contact:
|
Pennpetro Energy Plc Richard Spinks | Mavriky Kalugin |
c/o Camarco
|
|
Oak Securities - Broker Jerry Keen, Head of Corporate Broking |
+44 (0) 20 3973 2678 |
|
Camarco - Financial PR Andrew Turner | Fergus Young
|
+44 (0) 20 3757 4980
|
ENDS