Pennpetro Energy Plc (GB:PPP) has released an update.
Pennpetro Energy PLC has entered a significant deal with Globalvision International, selling all shares of its Texas subsidiary in exchange for a 30-year revenue share from Texas oil wells and a 10% profit on new developments. Additionally, Pennpetro will be free from Texas-related financial obligations and embark on a promising 50/50 joint venture with Globalvision to explore gas production and lithium extraction in Texas. The company anticipates oil production to resume within months, marking a substantial step forward in securing long-term value for shareholders.
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