IN BRIEF: Pennpetro Energy rises as it clears Saouaf permit confusion

Writer,

Pennpetro Energy PLC - oil producer in Texas - Confirms, despite announcement earlier this week by fellow London listing Upland Resources Ltd, that it retains the exclusivity to the farm-in to the Saouaf permit in Tunisia until July 15.

‘Upland sent official apologies to Pennpetro for the unintended consequences caused by the narrative in its announcement, and in his address to Pennpetro's management,’ Pennpetro says.

It adds: ‘As announced on March 16, Pennpetro, through its wholly owned subsidiary enterprise Nobel Petroleum USA Inc, signed an exclusive Heads of Terms agreement with Upland for a proposed petroleum Farm-In to its Saouaf permit area Tunisia held in joint venture with the Tunisian state oil company, Enterprise Tunisienne d'Activites Petrolieres.’

Notes Sauoaf permit area hosts 10 gas prospects and leads with up to 15.2 trillion cubic feet gross potential in multiple targets.

Current stock price: 17.50 pence, up 13% on Friday

12-month change: down 61%

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