Pennpetro advances Limnytskyi exploration licence in Ukraine

Core Viewpoint - UK-based energy company Pennpetro Energy is advancing its Limnytskyi oil and gas exploration licence in western Ukraine, focusing on reanalysing seismic data and preparing for drilling activities [1][2]. Group 1: Exploration and Development Plans - Pennpetro plans to reanalyse existing seismic data and complete necessary environmental and drilling permits, along with road repairs and pad construction [1]. - The company aims to re-enter a historic well by drilling a sidetrack to a depth of approximately 3,000 meters, located near an untested fault block identified by recent 2D seismic lines [2]. - Additional sidetracks may be required to assess hydrocarbon presence and further evaluate the licence's potential [2]. Group 2: Financial and Operational Strategy - To support its activities, Pennpetro intends to increase the principal under its fully subscribed £250,000 ($332,686) convertible loan with RMD Group, matching the investment needed to complete the work [3]. - The additional funds from RMD Group are specifically designated for the work programme on the Limnytskyi oil and gas exploration licence [5]. - The company is preparing to issue tenders for the workover rig and key equipment in the coming weeks [5]. Group 3: Compliance and Shareholder Considerations - If shareholders do not approve the resolutions before 23 December 2025, the additional investment will not be added to the loan, and all related assets will remain with RMD Group or the Polish holding company [4]. - In such a scenario, drilling and production activities will continue independently until Pennpetro resolves its compliance and funding matters [4].