The British company Pennpetro Energy Plc announced the signing of a Heads of Terms agreement for the acquisition of 100% of the rights to the Limnytska license in the Ivano-Frankivsk region. This was reported by the company on the London Stock Exchange, where Pennpetro Energy’s shares are listed, according to ExPro.
The document envisions the company’s entry into the Ukrainian oil and gas sector through a holding structure established in Poland.
Pennpetro stated that the agreement is at a preliminary stage. It includes conducting legal, financial, and technical due diligence, coordinating with regulators, and the subsequent signing of the final purchase and sale agreement. Completion of the transaction will require approval from Pennpetro’s shareholders and the London Stock Exchange.
After obtaining control over the license, the company plans to resume a previously suspended well, carry out 3D seismic surveys, and drill a new well to confirm commercial reserves.
“Signing the Heads of Terms agreement for the Limnytska license in Ukraine is a transformative step for our business. It adds an extremely promising asset to our growing portfolio and opens the opportunity to develop it into a producing field, contributing to Ukraine’s energy independence, sovereignty, and security. The requirements for Pennpetro related to this license are minimal, while the growth potential for the company is significant,” said Pennpetro Energy CEO Stephen Lunn.
The Limnytska area is located in the Carpathian oil and gas basin in the Ivano-Frankivsk region. The area covers 172 sq. km. Special Permit No. 2971 for oil and gas exploration and production in the Limnytska area was issued in 2007 to LLC “Kompaniya Geoposhuk LTD,” which remains the current subsoil user after the recent cancellation of the permit by the State Service of Geology and Subsoil of Ukraine.
Pennpetro Energy Plc is a public company registered in 2016 in England and Wales. The company is engaged in oil and gas exploration and production, focusing on onshore projects in Texas (USA), particularly in Gonzales County, where it holds rights to over 2,500 acres. Pennpetro has several subsidiaries, including Pennpetro USA Corp., Nobel Petroleum LLC, and Pennpetro Greentec UK Limited.
The company’s shares were traded on the London Stock Exchange under the ticker PPP. In 2024, the company reported revenue of approximately £0.5 million with a net loss of £8.9 million. Recently, Pennpetro has been participating in joint gas and lithium extraction projects, including through a partnership with Globalvision International LDA.
