Photo: Pennpetro Energy / X

The British company Pennpetro Energy Plc has signed a memorandum of intent to acquire an oil and gas exploration license in Ukraine. This is stated in the message the company on the London Stock Exchange. The first to notice this was the industry publication ExPro.

This is the Limnytsia field (172 sq. km) in the Carpathian Basin in western Ukraine, where more than 100 oil and gas fields have been discovered to date.

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Pennpetro Energy intends to enter the Ukrainian oil and gas sector through a newly established Polish holding company.

The acquisition is subject to completion of legal and financial due diligence, regulatory approvals and signing of final shareholder agreements

The company plans to immediately restart one previously abandoned well, conduct a 3D seismic survey, and then drill a second well to confirm commercial reserves.

Stephen Lunn, Chairman of the Board of Directors of Pennpetro Energy, called Limnytsia field a promising asset and emphasized that its development would contribute to Ukraine's energy independence, sovereignty and security.

Special permit No. 2971 for exploration and production of oil and gas in the Limnytsia area was issued to Geoposhuk LTD. This company remains the current subsoil user, despite the fact that, as Nadra.Info, among the ultimate beneficial owners is a Russian citizen, Alexander Yeltsov (registered in the Czech Republic).

  • Pennpetro Energy was incorporated in 2016 in England and Wales. The company specializes in the development of strategic energy projects, oil and gas exploration and production. The company has a number of subsidiaries, including Pennpetro USA Corp., Nobel Petroleum LLC, and Pennpetro Greentec UK Limited.
  • Recently, Pennpetro has been involved in joint gas and lithium production projects, including through a partnership with Globalvision International LDA.