Pennpetro Energy Plc (GB:PPP) has released an update.
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Pennpetro Energy PLC has finalized the sale of its Texas-based subsidiary, Nobel Petroleum USA Inc, and formed a 50/50 joint venture focused on gas and lithium exploration with partner Globalvision International U. LDA. This strategic move not only relieves Pennpetro of any financial obligations in Texas but also promises revenue for the next 30 years through a 12.5% Overriding Royalty Interest in Texan oil wells. The agreement also includes potential development of gas and lithium production in collaboration with ESGY Energy Inc, marking a new chapter of growth and opportunity for Pennpetro and its shareholders.
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