Pennpetro Energy (PPP) — Investor Presentation

0:00 Good afternoon, and welcome to the PENNPETRO ENERGY PLC Investor Presentation. Throughout the quarter presentation, investors will be in listen only mode. Questions are encouraged, and they can be submitted at any time by the Q and A tab situated in right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself, but the company can review the questions submitted today and public responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to chairman, Steven Lun. Good afternoon to you, sir. Good afternoon.

0:31 Thank you, and welcome to this investment webinar. As I'm told, I'm Steven Lun. I'm the chairman of PENNPETRO ENERGY. I'd like to thank you for your time today and introduce my fellow directors, Robert Menzel, the CEO. And over the other side here, we have Marikki Kulugen, who is the recently appointed chief operating officer. So over the next hour or so, we plan to update the shareholders on recent company activity, and there's been a lot of it, outline the objectives of the upcoming AGM, which as you probably know is being held on the November 7 in this very building. Our core focus are the steps that we need to take now, and I know everybody is very keen to hear when we return to the market for trading.

1:28 It is very much in everybody's interest to get this done,

1:33 and we'll then open up a question and answer with the management that we have here. We've received a high level of similar questions, so we've already sort of condensed them because some are very similar to the others. And when we group them efficiently, you're most welcome to submit further questions online as we've just been explained. If we run out of time today, you can follow-up in writing and we'll do our best to respond to you. I'll now hand over initially to Robert Manziel, our chief executive officer, to give you a brief update on the operational elements of the company. Walt?

2:14 Good afternoon. Company operations update. As required by our stated accounting policies, The US assets were fully impaired during the last reporting period with Lianz and claims having been registered over the wells and against the company. This was prior to the involvement of the chairman and the CEO. Whilst the US entity was still registered as the operator, the leases had been allowed to lapse, and no operations have been undertaken. The US operating company is currently categorized as delinquent by the regulator. Arrangements and negotiations or renegotiations with creditors as well as reinstatement of leases could still be considered as a possibility, but this would require further investment that the company is not in a current position to support.

3:05 I'll now go through the rationale for entering a debt for equity swap with FETRO ENERGY PLC, which is to allow for the potential for new investors to be attracted to the opportunity without the burden of the substantial historical debt, including the CLN to be concluded with R and D, which has been received. To ensure that PPP retains some ongoing economic interest while transferring historical liability and risk away from a listed entity, allowing it to focus on new opportunities. To ensure that PPP is isolated from ongoing litigation and able to advance alternative investment strategies, in turn allowing the company to return to trading on the exchange.

3:56 And finally, to enable new funds to be attracted to PPP without the legacy debt and potential risk of being considered a shell company under the listing rules of the exchange, which is not the case. Thank you. Okay, thanks Robert. Well, as I've just said, the core objective remains very, very uppermost with the management today to return the company to trading on the London Stock Exchange. We're gonna achieve this much stronger management, better investor and shareholder relations to, you know, support the strategic vision, which will enable the company to grow the reputation in all markets which we operate. To achieve this, you know, milestone, there are certain steps that must be taken to allow to return to trading.

4:49 And one of the purposes of being here today is to encourage all of the shareholders to vote in favor of the resolutions because without those votes going, you know, positively, it will just hold us up even further than we already have been held up. So in short, we, you know, filing and approving the twenty three and twenty four accounts, which, you know, we have done. That has been extremely painful and challenging operation. We've had very little help from history. Again, we need to repeat to the shareholders that neither Robert nor Matt nor I or any of the management 's room were in place or involved with this board at the time that all these events unraveled. We have been the party that has had to pick up all the pieces scattered in many places, in many directions, and it's been like a mosaic trying to put it back together.

5:43 So I appreciate that everybody has been extremely concerned about the time it has taken, but it's not being necessarily anything to do with us. On the contrary, we had to face auditors who couldn't proceed without information that we've had to go and find. We've had absolutely no help from previous management or previous directors and that's only made the delay greater and the frustration larger. So twenty four and twenty five accounts are underway right now. Nothing like is difficult because we have the information to hand. The auditors are working on them as we talk and probably we'll get those finished, yeah, a lot quicker than previously. We're gonna appoint two board directors, yeah, which has been a condition precedent for the convertible loan note that we've entered into with RMD and these two directors will be coming aboard.

6:38 We'll advise you by RNS when that is going to happen. We'll need to then file and approve the 20 fourtwenty five accounts and we'll have to finalize the perspective with key KPIs for the company. Shareholders voting in favor of headroom to return PED shares is an absolute necessity and also a condition precedent in our loan arrangement. You know, we need to do this because at the end of the day, the people who pledged those shares did so in very good faith some time ago and they would like their shares back and we were obliged to do that. But obviously we will need shareholder approval, will need a prospectus and we'll need to go through all of the necessary regulatory hoops to do so. So we hope that you will come to that decision with us.

7:32 And, you know, the new PPP following prospectus, you know, it's gonna be conditional institutional funding in place, and we're looking and talking already with positive outcomes on that front. So I'll remind you again that the AGM is on the November 7 in this very building where we are. It's a key milestone for this company. We encourage all of you to come along, vote for the resolutions, including approving the 23, 24 accounts, which are gonna be presented there. The other resolutions being put forward, the three board members, myself, Olaf Rat, who is not here to stay, and Robert come up for reelection for continuity. Again, I'd like to reiterate that none of us were here, Robert and I, or Matt, during this period of time that we're asking you to vote for the account which have now been audited.

8:31 On the AGM, just while it's on my mind, this building is a secure building. You will need to come ahead of schedule because there is a registration and security process. We will start the meeting bang on time, so if you're not here and not in the room, regrettably, we will not wait for people who can't get here in time. We're very close to Charing Cross Station, so we've gone out of our way to make it as convenient as possible, the right time of day so you can avoid expensive train fares and we look forward to welcoming you on that day. Now resolution seven seeks to ensure we can call the next general meeting and improve the 2425 accounts in a shorter time frame. Resolution eight is key.

9:16 This enables us to take the necessary actions to ensure that the company puts the best, you know, the best foot forward and maintains all its obligations. The voting proxy form should be with you. If they're not, let our company secretary know. And this is the first of several key steps we're gonna be taking to try and return as quickly as possible to trading the stock on the exchange.

9:48 Now r and d, obviously, is not a known quantity to many people. There's been a lot of speculation as to who they may or may not be. It is a Canadian privately held family office, and it has significant investments in a number of sectors, property in North America, Europe, energy infrastructure. It's in the renewables business, decarbonization. It has operations in forestry and tech. They don't publicize. They're very private. It's a very successful group, and they backed financially many leading energy transition companies and is considering including some of those projects for our portfolio in time to come.

10:36 So we have to see how we perform in the oil and gas market where they have assets. This will give us two energy sector plays, a larger portfolio of significant assets and long term recurring revenues, which we need to do. We're going to diversify so that we can try and mitigate risks attached to the jurisdictions that we operate in. And the convertible loan note agreed is on far more favorable terms, yeah, with that 6% coupon compared to 8% when we negotiated a previous one. And this includes commitments by issuing new shares to fulfill our obligations in respect of the pledge shares, which I just mentioned, and subject obviously to shareholder approval.

11:25 And to satisfy the conditions of a new prospectus which is underway, that's required by the FCA, the London Stock Exchange and the company's professional advisors. Now again, somewhat controversially, we've been watching the interpretation of the renegotiation of the outstanding Petroquest loan, which has been on the company's books for many years and is now off of the balance sheet. I'm pleased to tell you. It's... Yeah. It's no longer a liability in the consolidated accounts, and the security is being released. This has cleaned up the balance sheet, which is absolutely essential and imperative if we were to attract any new investment whatsoever. Nobody wants to invest in a company with a $5,000,000 millstone run its neck. So we've moved to this renegotiation.

12:17 Petroquest is basically picking up a 50% equity for debt swap, and that should not be misinterpreted. It's picking up 50% of what is currently quite a liability. It can be cleaned up. We are gonna look at that, but right now PPP is not in a financial stand in that position to go and do that job. So it is there. 50% will remain with the public company. So if we do get good results from cleaning up in time and we can revive those assets, which is

12:49 always possible, it's only a question of money and time and resource, then obviously the shareholders would benefit from that arrangement. Just as much as they would have benefited from a royalty stream on a previous exercise that we put forward some time ago. So we're gonna execute heads of terms with the R and D group and its partners to advancing the acquisition of a 100% of their interests in a very large European oil and gas license through one of their subsidiary companies, which is Poland, based in Poland. Once that's done, PENNPETRO shareholders will have the opportunity to study and vote on this with definitive agreement following if approved by a general meeting with the shareholders.

13:37 So none of this is being done without the proper regulatory approvals from start to finish. We're not just going out and just doing stuff and telling you later, which we have been accused of. We are running this company very much by the book.

13:54 So we have a right to appoint two directors to the board, and we have recently appointed a third director, Madricki Pellegrin, who is the chief operating officer, and he can tell you a bit about himself. We will bring another two on, a nonexecutive chairman and an executive CEO.

14:16 And to give you a bit of flavor for what Ricky is taking on, I'll hand over to him to give you some profile. Thanks, Ruth. Thanks, Steven. As previously announced, I've been appointed executive director and the chief operations officer for PPP. A little bit of my background, I'm... I come from Alaska, originally born and raised. I started my career in... With ARCO Alaska in 1997. I worked there with the major oil companies in the North Slope Basin. I then moved from Alaska to California, worked there for a few years with a smaller independent called Occidental Petroleum. After that, I joined BP and seconded to team KBP, relocated myself and my family to Moscow, and worked those basins there, the European Basin as well as the Western Siberian and the Far Eastern Siberian Basin, Far Eastern Russia Basin.

15:13 After five years of that, I joined a newly disc... A care in India that discovered a greenfield in the Barmer Basin.

15:23 I worked there for five years progressing from operation... The optimization, production optimization, and ultimately, the reservoir development of the entire field. Plus, there were several other discoveries that we continue to do apply the same technologies. I also was responsible for production optimization in the offshore assets, the Rava Basin, the Rava to Krishna Govara Basin as well as the Bombay Basin. After that, I joined PETROFAC for a couple of years. We were doing production enhancement contracts, in Russia first, but then we we expanded into... Well, we took over the operations in Romania, the Cycleny asset.

16:01 And after that, I joined as chief operations officer and executive board member of Ukranovta, the largest oil and gas company in Ukraine at that time and still is actually. Worked with that company for five years. We increased, mean, we we arrested a production decline of 15% per year and started increasing production with very minimal investment, like $50,000,000 per year versus what was required, like a couple of $100,000,000 per year. I then joined as chief operations officer of NOFDEGAS Group and executive board members, COO and EB. Nafta Gas is a very large integrated holding company. It owns... At that time, it owned 50% of Ukranafta and a 100 of UGV, which is a largest gas producer, largest gas company in Ukraine, producing over 13,000,000,000 cubic meters of gas per per year.

16:55 Ukranovta was producing 50,000 roughly barrels of oil per day plus a couple billion cubic meters of gas per year. Since then... Well, I'm obviously well aware or know the the oil fields in in Ukraine. Next slide.

17:13 I'll talk to you a little bit more about the the asset itself, the Lyonska asset. Obviously, we would like to return PPP to trading as soon as possible. With that goal in mind, we need to get a... An asset that's... Has high potential into into our organization. I'm involved in the existing and screening potential opportunities, team, I'll talk more about it a little bit later. But we're also assessing opportunities in North America, including Texas and the existing assets... The existing few wells that we had, the legacy ones, as well as new opportunities. We're also looking at opportunities in Canada following a recent trip to Alberta. The opportunities there are significant, and they're indigenous related. So we believe we have a distinct advantage.

18:06 And I just returned from Canada and arrived here in London for this meeting, for this webinar. A little bit about Lyunitskaya asset. It is an oil and gas exploration located in Western Ukraine. It is it is significant in size. It's 172 square kilometers. It's located in the Carpathian Basin surrounded by multiple, oil and gas fields. In fact, the next slide, I think. Yes. You can see in the Far West is the Ukrainian, green being the oil fields and the red being the gas fields, the green blobs and the red blobs.

18:41 You see... You can see there's three main basins, the Carpathians in the West and the Nip Of The Ness in the East. Clearly, that's a little more complicated, has different additional and complicated challenges, as well as the Black Sea. But we're focused on the West Ukraine, just a a sign in. Right where the intersection of the red blobs heading south towards the the green blobs, which is the oil fields, is the location of the Lemitsky license.

19:08 I think that's all I am. Yeah. What do you say? Sorry about that. Thanks, Maggie. You know, I should also add here that, you know, Vicki clearly has a, you know, a great deal of expertise and experience in many jurisdictions and is also a fluent Russian Ukraine speaker. So we're not just hands on the ground. We're not out there trying to figure out what's going on. A lot of research has already been done in this license area. Is very, very familiar with it as well as other parts of the world. So I think you'd have to agree with me. We've been very lucky to recruit somebody with this kind of oil and gas expertise. So... Well, we, you know, we we are really, you know, fully focused on getting back to trading. We we we are very frustrated it's taking so long.

20:02 The next set of accounts which are being audited presently, the latest information I can give you from the auditor and our accountants is that this is looking like late November earliest. Now I appreciate that sounds like a long time, but again, I reiterate, we have all the information for the, you know, these accounts, there's not a lot of it because not great deal has happened in this interim period since the last accounts. But we have had once again a lot of trouble getting information, residual information out of The USA which the auditors need to tidy up our balance sheet. So these delays, a lot of them have been caused by just not having access, we've had no help, we've spoken to previous employers and management, they've been very resistant.

20:47 In fact, in the case of The UK, we've had absolutely not one word from the previous directors who I believe could have helped us significantly shorten this delay. So in terms of trading, you know, it could be a window later this year, but of course, having just explained to you that we are gonna be going into, you know, an RTO at some point, when that starts to happen, of course we will need to be suspended again. So we want to give you as much warning as possible that you know, it's not going to be a quick run back to the market, perhaps a short window but we can't guarantee that either. But once all this is done, we will be up to date. We've implemented very very

21:30 strong corporate governance since we came in. We've got very good, accountants. We've got very good lawyers. We've now got some very good technical people. Robert, as you may or may not know, was once an auditor in a previous life and that has been very helpful. And I think Cheryl should be very thankful that he's given us that assistance to get these things signed off. Because signing this set of accounts as an absentee director has not been particularly... Yeah. It's not something that we really wanted to do because we worked there. We signed off on behalf of the company to basically recognize, yeah, the rearrangement of the balance sheet, which as you all know has been very significant.

22:16 So all I can say is that, you know, it's vital that you vote at this meeting that's coming up so that we can keep on moving. And there is nothing untoward going on that should concern anybody other than the fact that we're looking to rebuild the company with good management, good technical skills, good and robust systems, good accounting, up to date with our accounts, and some exciting prospects with some very very credible and well heeled partners. The RMD group are an outfit that has compounded their wealth over many decades in many different places, and I think we're very blessed to have those guys come on board and pick up the bat and run with us to the next chapter. And I hope you all come with us too. So thanks very much for listening to us today.

23:09 We will now have some answers and questions and answers. And I'll ask my colleague here, Andrew, to coordinate and I understand we've received quite a lot of pre submitted questions, we can start with. Andrew? Thank you, Steven. First question pre submitted, and we've got quite a few, so we'll work through those before going onto the screen. It refers to Ukraine, Mavryky, and general view about the security situation, potential Russian attacks in the the license area or surrounding area. You could have a look. Sure. The license is located in Western Ukraine, so it has less less activity in terms of attacks. Although most of the attacks are focused on

23:55 major gas compression stations, combined heat and power plants like... I live in Kyiv with my family. There's a combined heat and power plant about a mile away from the house, so we hear the detonations there when they're trying to attack those. They've attacked quite a few, oil and gas producing facilities, mainly compression stations in the East. So the... As the previous slide that I showed, the, Potawba Basin, the Dnipodnetsk Basin. So that's been the focus of a lot of the attacks. So really right here in in the Western Ukraine, the oil fields and the gas fields have been left alone for the most part. Thank you, Matt. That's fantastic. Steven, a a question for you relating to the accrued but unpaid director compensation.

24:43 What what would the proposed incentive scheme look like, and and when and how will that be settled? Well, we'd like to have been paid, obviously, because the last year or so for the incumbent board has been pretty skinny. We we haven't drawn any salaries. We haven't incurred. We've actually incurred private expenses, we have just suffered, but so be it. You know, we we haven't dipped into any money when there was none. And now that we've got some, we still have, you know, not paid anybody and it's expected that the director's remuneration coming forward and the accrued outstandings will be some kind of formal incentive scheme. It won't be tabled at one of the the the many meetings we know they're gonna start happening, and shareholders will need to approve those.

25:30 You know, we're just committed to getting the thing retraining, and that's been our priority, continue to be our priority, and we're prepared to stand back and wait and see what a new board, a new structure will offer us. But they certainly will recognize some kind of incentive scheme that will hopefully reward us for the hard work we have had to do. Thank you, Steven. And, you mentioned a little bit about R and D group. Are you able to share any more flavor on on who who they are? I I can. Yeah. R and D is a private family office in Canada. It's essentially one uber successful indigenous Canadian entrepreneur who has had a long association in the Eastern Block in Ukraine and Poland.

26:19 He has very widespread portfolio of real estate. He's been very involved in investing in renewables, decarbonization. They own lots of interesting technology, which they completely own. They've developed some very world changing situations in the energy world, particularly in coal replacement and other areas which really run parallel to the main fossil fuel business, and like everybody in the fossil fuel business, we'd like to try and align ourselves with the next phase.

26:56 This party at RMD, one thing I can tell you for sure is that the head of this particular organization is an ESG, you know, perfectionist. He believes in the environment. He believes in social impact. And he, you know, he believes in strong corporate governance. All these three things we need to bring to the fore in this company. So we're very fortunate that we've got that kind of, you know, figurehead who will be playing a part in the company, we hope, at some time in the future. Thank you, Steve. Robert, could you... We've had a question relating to the Global joint venture. Are you able to share a bit of an update on its status, please?

27:40 Sure. When it became clear that Global Vision could not assume control, it was decided to operate The US entity on a joint venture basis. Subsequently, the assets were maintained and not actively managed. Despite our efforts, neither Global Vision nor PENNPETRO have been able to find any records of a JV agreement with ESGY nor has there been any communication with ESGY. We have failed to respond to any and all attempts to engage. Thank you. Moving to the the next question relates to the Texas assets. Steve, bit of an update there, please. Yeah. The update is that the Texas assets, clearly, when Rob and I were asked to sign off on these accounts, we had to have a lot of deep discussion with the auditors as to the value of these assets in the company. And at the end of the day, it became absolutely clear that we had to impair those assets in order to get a clean bill of health, you know, to go forwards with the audit.

28:42 So at that point in time, we we know that the TPSESS assets are held through PENNPETRO USA through two operating subs in the Noble Group. Now, yeah, this is where the debt was incurred. You know, the the cash that was lent by Petroquest was lent into those subsidiaries, So that is where that liability lies or lied, and obviously anybody like Robert when he first came to the situation, you know, was probably a little bit shocked to recognize there was an intercompany loan, a substantial one, and that obviously had to be dealt with. It is out there. We need to deconsolidate it from the PLC because effectively, we need to take the liability off our PLC's balance sheet. And so doing it, what we've done is we've just moved it across by this equity of debt swap.

29:39 And that's how we've managed to attract the new investor. The the convertible loan note would not have been possible, as I said earlier, with a $5,000,000 loan outstanding. So it's in the best interest in our view of the PP shareholders to take the debt off the balance sheet and get on with the dance, and that's what we're doing. Thanks, Steven. Appreciate that. Earlier in your presentation, you mentioned the reverse takeover, a number of shareholders who asked, will this lead to some dilution at all? Yeah. It's... I've been in this part... This this this part of the world of public companies for well over fifty years, and I've seen a lot of reverse takeovers, acquisitions, mergers, whatever you want to call them.

30:28 In general PPP is actually quite a small company in terms of its cap table and we have very few shares in issue compared to some of our peer group who have sometimes have hundreds if not billions of shares out there. So clearly with a small cap table, there will be dilution because the value of this company compared to what is coming in, you know, is is a poles apart. So as in any RTO, there will be dilution. It can be minimized. It depends what the prices are and the values aren't on a comparative basis. I think our our new partners at R and D are taking a very generous view on how they price the value of this company. So, yep, there will be dilution, and it's inevitable. That's all I can tell you.

31:14 Thank you, Steve.

31:16 Madh, there... There's been some interest around the Ukraine project. Not terribly much information disclosed yet. At what point will reserves data be be shared, please? The reserves data or more, like, more appropriately, the resources will... The the volumes will be shared during the prospectus, which we are actively preparing. And if other, assets are are mature enough, we might include those as well in the prospectus. That's that's super helpful. And if I could stick with you, Matt, the shareholders have asked about Texas, if that's still an opportunity and, you know, your view on on The US and and sort of wider reform. The location of the the Texas wells that were part of the portfolio or part of the assets are actually within a very prolific basin. So it's the Eagle Eagle Ford play as well as the Austin Chalk. I believe these were actually completed or intended to be completed in Austin Chalk and that is quite prospective and prolific in region. So I would actually attempt... We'll probably try to visit the assets and see what potential, if any, can be recovered in in those those specific wells, maybe even expand it if possible.

32:37 That's that's fantastic. Steven, a theme in your presentation was returning PPP to trading as soon as possible. I know this was sort of asking alluded, but is there any timeline that Shell is back? Well, as I said earlier, we are once again in the hands of the auditors. You know, we can't rush them. We've provided the interims, which were finished, go to some time back because that was the next move. They are using those for their working papers. They have made a couple of inquiries about certain information we have to go and find in America, which I think we have now satisfied them.

33:13 Their best guess and they won't be held to a date, is probably late November. Yeah. That's with the wind up our back going downhill. The auditors and these ones are being very, very careful. They're checking every single thing because historically, there have been problems with providing information that they feel comfortable with. But, yep, we are in touch with them, and we will attempt to keep the shareholders fully informed. As we get an update, we'll update you. Fantastic. Steven,

33:47 a question about any decisive action that the board has taken with respect to former directors and any breaches of their duty. Yeah. It's an interesting question and one we've been asked many many times. We have contacted, you know, formally previous directors and have asked them to help us return information to us, give us back records, return their computer, explain some of the entries on the bank account that we are trying to understand and we still don't. So the answer to the question is yes, we we are, you know, gonna take these, you know, these directors to task. We want to know what happened.

34:33 We will find out what happened. Quite frankly, we haven't had a lot of time or resource to chase this down because we've been too busy trying to keep the company, you know, audited and find that information. But, yep, the answer to the question is yes. We have started that process, and we will continue with it. Great. Back to you, Myvery. Are there plans for for any further acquisition... Acquisitions from here? Sure. As part of the Western Ukraine, portfolio or that lie... Lemniska license, we've actually been approached and found a couple more very promising licenses. One of them is gas, and the other ones are oil and gas, but more oil.

35:19 So we we are pursuing that. As well as I previously mentioned that Texas is very interesting, particularly the Eagle Ford and the Austin Chalk play. We... I... We believe we can build upon that, and we just need to review the... Review and assess the opportunities that are being presented and perhaps find more. And the other one is just my... Our recent trip to, to Canada, Alberta, Canada. I believe that one is even more promising. So, yes, we are looking both, within Ukraine and outside Ukraine as well. We've got plenty going on. Plenty of work. Steven, is is there anything behind the notion that that PENNPETRO is beyond repair? Oh, absolutely not.

36:07 Yeah. It's been challenging as I've already pointed out. You know, Robert and I have had some, you know, some tough moments trying to, you know, retain solvency, you know, retain positivity. And there were moments where we had to look really carefully at the solvency of the company, but we've managed to negotiate that, you know, those obstacles, which could have been terminal, but I'm very happy to say that they are behind us. We needed a good cornerstone cornerstone partner. I think we've identified that with the r and d group. You know, they are very committed to investing and delivering a strategy. You know, the asset in the Eastern Bloc is literally... I was... I went there and visited it, and like probably most of you, when somebody said we've got, you know, interesting assets in Ukraine, I thought, okay. So I jumped on a plane. I went down there, and I met the R and D guys down there, and I went to meet the people who have these leases. It's literally just across the border from Poland. You you probably, you couldn't get further away from where the active problems are in Ukraine. It's literally on the border of Poland. So that satisfied me that we are in some, you know, level, yeah, in territory, which is a lot safer than the perception might be when you say Ukraine to people.

37:28 So, yep, I think we're very confident now that we're getting the right management team together. We are having a real shakedown in the backroom. They're making sure that we are fully accountable. We're totally regularized where where the company has gone wrong in the past by not really paying much attention to,

37:48 you know, corporate governance, information flow. We're changing all that, and we will continue to do it. So, yep, the answer is PPP is not beyond repair. On the contrary, it's well into the next phase. Thank you, Steven. Question relating to Tom Evans. Mhmm. And if you've tried to contact him at at all for information to help with your process. Well, I clearly don't, have a direct line to Tom. And in many respects where we have tried to contact him and other people involved at all the management level, Robert has contacted him on a number of occasions and we've drawn a blank. We just haven't managed to get any response to questions and information that would have helped us.

38:42 Yeah. It's not really appropriate to comment a whole lot further, but, you know, we we really do. We like Tom. I mean, he did turn up at the last meeting. Next time he comes, I'd like him to bring his computer, the company records, and anything else he might be, you know, holding on to. If he's forgotten, we'd like it back. Thank you. Stick with her. She's on the the call this afternoon. Is there any plans to change the company names? You know, there is a new, yeah, new a new structure coming in. Everything's up for grabs. I mean, it's again, it'll have to be something that's thought about carefully, probably have a chat to the shareholders. Obviously, the name historically, you know, doesn't fill people with joy, but that doesn't mean it has to be changed.

39:29 I think that's gonna be in the hands of the the next senior management and the shareholders. Thank you. I've got a question about the upcoming AGM. One director's been appointed. You mentioned two others. Will any of them be up for election? Not at the November 7 meeting. The the schedule right now is we have the AGM on the November 7, which will basically put on the table the 23, 24 accounts. Now that meeting, basically, myself, Olof Rapp, and

40:05 Robert. Robert. Sorry. Come come up for reelection, and that's obviously completely in the hands of the shareholders. The maverickie is on board. He won't come up for reelection until the next AGM, but that might be a lot sooner than you may think because once we have this 25 accounts audited, we will be required to call what we're calling AGM two. Now that might be the side of Christmas, we just don't know until the order is complete, but when that meeting takes place, then obviously Maverickie would come up for reelection And, you know, we're gonna appoint two RMD, you know, people coming in after this first meeting. Thank you, Steven.

40:52 I'm gonna take one to Mavericki, if I may. Mhmm. Relates to the Ukrainian project that you mentioned this afternoon. If for any reason that one doesn't go forward, is there a a plan b for the company? Yes. Indeed. There is. Obviously, we're looking at, at assets or, opportunities outside of Ukraine. Texas comes to mind just, just... We'll probably travel down there as soon as possible to better understand what the existing assets look like and any other potential assets in in in Texas. We're also looking at, at the Alberta potential, and I I hope... Hopefully, in short order, we'll have some good news in that. We're looking at that as a plan b. But Steven also mentioned that perhaps that RMD Group might include, the the second peer of our of our, I guess, the company strategy, which includes the renewable resources or the the coal replacement.

41:53 Yeah. It's a very exciting technology. It's been a long time in the making. It's a... It is a world beating technology. Can't not be impressed with it. A lot of money's being put into it. And if we become the beneficiaries of some of that success, it's another, yeah, it's it's another line of revenue and growth for the company, which is of course... Which is what we have to do. We've gotta get this company up into the big board levels. We have to have minimum assets of 30,000,000 in the main board. We're hoping that is just the beginning. We wanna be a much larger company with a diverse portfolio run by professionals, and, yeah, we we really want this thing to fly. But first things first, we need you, the shareholders, to come to the party and give us your support. I have to say, while I have the opportunity, we cannot respond directly to a lot of the people who have written and commented on what we've been doing for the last year, but I have to say it's been extraordinarily, you know, debilitating having to stop and answer a lot of questions which we were unable to answer.

43:00 There's been a lot of very really

43:03 quite spurious and curile commentary from a lot of these chat room people. And if any of you are looking today, I'd love to know who you are. Come along to the AGM and you can apologize. Because what we've done is our very best, and that's what we're continuing to do. So on that note, I'd like to say thank you for your time, if that's where we're going. Yeah. I I had I had just two more questions. Sorry about me. Alright. Sorry. Sorry to to to come in. On that note, this one's just come in. There's been a few that have in. I've I've sort of moved them into the themes. But there's a couple of words on returning to trading. You're you're putting in measures. Mhmm. There's a concern that the the share price might reduce, but if you respond to the measures you're putting in place to equip the business to be as strong as it can when it returns this Well, we we have... Obviously, we've got public company, quoted company rules, regulations and government guidelines.

44:00 I have to say a lot of them have been breached in past years, so we have focused on making sure that we have good accountants who are in place and control the cash in and the cash out. No payments are made in or out of this company without full board approval. So nothing gets paid without all directors knowing what's being paid and who's being paid. Yeah, we've got a strong corporate secretary now who is a very professional firm, and they are very very strict with the corporate governance and making sure that we follow all of the prescribed rules.

44:37 We have a very professional board coming in who have decades of expertise and experience in and out of public and private companies. We've got technical expertise which we've hired through MEV and we'll probably get some more people to help. So yeah, we're doing everything to bring the company to where it always should have been.

44:59 And we hope that both the shareholders and the regulators will recognise that we have done this, you know, as an absolute bottom line necessity. Yeah. We're not doing this for any personal gain, as has been suggested. We want to see it grow. We want to be incentivized by the company for doing what we do, and we wanna go for the ride with what we think could be a very exciting future. Thank you, Steven. And the last, question then, and I may leave you to sum up because they're sort of related. It is... What motivates you as as chairman? Well, retirement, I suppose. No. Really, I mean, I am, as most people know, I'm I'm 75 years old. I'm at pretty much the wrong end of my career to be charging all over the world, but it has been a challenge. And my motivation is really to see a lot of the shareholders who... Some of which I've met, many have written to us, who have found themselves in, you know, fairly distressing situations because they've been unable to liquidate their shares.

46:06 Some people didn't even know that they didn't have shares. Again, I reiterate, you're coming to this AGM on the seventh, make sure when you check-in, you have the right paperwork. You're either on the register or you have the right paperwork that you're carrying a proxy or you have, you know, if you're a nominee company, you have the... Whoever that broker is needs to provide you with satisfactory paperwork to gain entry. It has been very sad. What motivates me is a lot of people here on the share register that we've now met and been been in correspondence with, basically, yeah, have had a very tough time. So I just believe it's time to put everything right for everybody, not just small shareholders, but some of the bigger ones too who have got locked in basically.

46:56 Thank you. I think any final words before we hand over to the the IMC team? No. Well, think thank you everybody for for watching, and I hope we've been able to answer most or all of your questions. We, again, welcome you to come to the AGM on the November 7. We will keep you as fully informed as we can through the RNS system. We do get a lot of inquiry and speculation and accusation that we're not saying anything, but the only time we'd say something is when we have something to say. Otherwise, we we just are bound by, you know, the confidentiality of who we're dealing with, what we're dealing with. When it becomes public knowledge, we'll put it out there. Thank you. Thank you so much. Think we'll close the call there if the CEO and CTO would like to intervene.

47:45 That's great. Well, thank you very much for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order management team can better understand your views and expectations. On behalf of the management team of the PENNPETRO ENERGY PLC team, we'd like to thank you for attending today's presentation, and good afternoon to you all.