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GENERAL INFORMATION Pennpetro Energy plc (the \"Company\") is a public limited company which is listed on the London Stock Exchange in the Equity Shares (Transition) category of the Official List and incorporated and domiciled in England and Wales. Its registered office address is 6 Heddon Street, London, W1B 4BT. The consolidated financial statements of the Company consist of the following companies (together \"the Group\"):
Pennpetro Energy plc
UK registered company
Pennpetro USA Corp
US registered company
Nobel Petroleum USA Inc
US registered company
Nobel Petroleum LLC
US registered company
Pennpetro Greentec Limited
Cyprus registered company
Pennpetro Greentec UK Limited
UK registered company
Pennpetro Green Energy Limited
UK registered company
The Group is an oil and gas developer with assets in Texas, United States. The Company's US- based subsidiaries own a portfolio of leasehold petroleum mineral interests centered on th e City of Gonzales, in southeast Texas, comprising the undeveloped central portion of the Gonzales Oil Field. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-198": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-199": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-201": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-200": { "value": "6 Heddon Street, London, W1B 4BT. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-202": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-197": { "value": "The Group is an oil and gas developer with assets in Texas, United States.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-222": { "value": "2. MATERIAL ACCOUNTING POLICY INFORMATION
The material accounting policies applied in the preparation of these consolidated financial
statements are set out below.
These policies have been consistently applied to all the years presented, unless
otherwise stated.
2.1. Basis of preparation
These consolidated financial statements have been prepared and approved by the Director
s in accordance with the UK adopted International Accounting Standards.
The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with the UK adopted International
Accounting
Standards requires the use of certain critical accounting estimates. It also requires manage
ment
to exercise its judgement in the process of applying the Group's accounting policies. The ar
eas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements are disclosed in note 4.
The Directors note that the individual acting as Company Secretary and financial controller
passed away in April 2024. This has resulted in a significant limitation to the accounting
information and records available to the Directors for the preparation of the consolidated
financial statements for the year ended 31 March 2025.
2.2. Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and
all its subsidiaries (the \"Group\").
Subsidiaries include all entities over which the Group is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect those returns thr
ough
its power over the investee. The existence and effect of potential voting rights that are curre
ntly
exercisable or convertible are considered when assessing whether the Group controls anot
her entity. Subsidiaries are consolidated from the date on
which control commences until the date that control ceases. Intra-group balances and any
unrealised gains and losses on income or expenses arising from intra-group transactions,
are eliminated in preparing the consolidated financial statements.
2.3. Going concern
The Directors have assessed the Group's ability to continue as a going concern for a period
of at least 12 months from the date of approval of these financial statements. This
assessment takes into account the Group's current financial position, expected operating
costs, planned activities, and availability of funding.
Since October 2025, the Company has engaged with a number of institutional investors in
connection with the proposed return of its shares to trading on the London Stock Exchange
and the planned acquisition of the Limnytskyi licence in Ukraine. Feedback to date has
been positive, and the directors believe that sufficient funding can be raised to meet the
Group's immediate operational and working capital requirements following the resumption
of trading. In addition, the Company has access to funding through a convertible loan note
(\"CLN\") arrangement with RMD Group. In January 2025, the board approved a second
tranche of \u00a3250,000 under this facility, which is subject to an agreed use of funds. Further
funding may be made available under this or similar arrangements, should it be required.
RMD Group has also agreed to advance funds directly to suppliers and contractors in
Ukraine to progress activities relating to the Limnytskyi licence. These costs will not impact
2.4 New standards, amendments and interpretations adopted by the Group and Company
obligations.
statements on a going concern basis.
continue as a going concern.
The International Accounting Standards Board has issued standards and
interpretations effective for the first time for the financial period beginning 1 April 2024 for
entities applying UK adopted International Accounting Standards. The Directors consider
their adoption has not had any significant impact on the disclosures or on the amounts
reported in these financial statements:
the Group's short-term cash flows. Upon completion of the ongoing restructuring and
should the Limnytskyi licence form part of the continuing Group, the related assets and
activities will be transferred to the Company, together with the associated funding
Following the removal of a significant creditor from the balance sheet, the settlement of
the majority of remaining creditors, and the availability of committed and potential funding
to meet near-term obligations, the Directors consider it appropriate to prepare the financial
Whilst the Directors are confident in the Company's ability to raise additional funds as
required, from existing and/or new investors, the current conditions do indicate the
existence of a material uncertainty that may cast significant doubt regarding the
applicability of the going concern assumption. The financial statements do not include
adjustments that would arise in the event of the Group and Company not being able to
The Directors have considered IFRS and amendments that are in issue but not yet in effect
for the accounting period. They have assessed that none of these are expected to have a
significant impact on the amounts reported in future periods or to disclosures.
2.5 Revenue Recognition
Most of the Group's revenue is derived from the sale of physical goods to customers. The
contract contains one performance obligation which is satisfied at the point of delivery. The
performance obligation of goods sold are transferred according to the specific terms that
have been formally agreed with the customer, generally upon delivery.
The transaction price for this revenue is the amount which can be invoiced to the customer
once the performance obligations are fulfilled, reduced to reflect the provision recognised
for local taxes. There are no material rights of return, warranties, or variable consideration
affecting the transaction price. The transaction price is determined gross of sales tax,
where cash is received net of such taxes. Payment terms are typically within 30 days of
delivery, with no significant financing component.
For all sales of goods, revenue is recognised at a point in time, being the point at which the
goods are delivered to the customer.
2.6 Investments in Subsidiaries
Investments in subsidiaries are accounted for at cost less impairment.
2.7 Foreign Currency Translation
\u00b7 Functional and presentation currency
Items included in each of the financial statements of the Group's entities are measured
using the currency of the primary economic environment in which the entity operates (the
'functional currency'). The functional currency of the UK parent entity is pound sterling and
the functional currency of the US subsidiaries is US dollars. The financial statements are
presented in US Dollars, rounded to the nearest dollar, which is the Group's and
Company's presentation currency.
\u00b7 Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions or valuation where such items are
re-measured. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in the Statement Of
Comprehensive Income.
\u00b7 Group companies
The results and financial position of all the Group entities that have a functional currency
different from the presentation currency are translated into the presentation currency
as follows:
\u00a7 assets and liabilities for each Statement of Financial Position presented are translated at
the closing rate at the date of that Statement of Financial Position;
\u00a7 income and expenses for each Statement of Comprehensive Income are translated at
average exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the transactions); and
\u00a7 all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment
in foreign entities, and of monetary items receivable from foreign subsidiaries for which
settlement is neither planned nor likely to occur in the foreseeable future are taken to other
comprehensive income. When a foreign operation is sold, such exchange differences are
recognised in the Statement of Comprehensive Income as part of the gain or loss on sale.
2.8 Property, Plant and Equipment
Following evaluation of successful exploration of wells, if commercial reserves are
established and the technical feasibility of extraction demonstrated, and once a project is
sanctioned for commercial development, then the related capitalised exploration costs are
transferred into a single field cost centre within 'producing properties' within property, plant
and equipment after testing for impairment.
The net book values of 'producing properties' are depreciated on a unit of production basis
at a rate calculated by reference to proven and probable reserves and incorporating the
estimated future cost of developing and extracting those reserves once production has
commenced.
The Petroleum (Mineral lease) expenditure to date is over land that has already had
historical vertical drilled wells and has proven oil reserves. All these costs were therefore
immediately capitalised within property, plant and equipment.
All costs incurred after the technical feasibility and commercial viability of producing
hydrocarbons has been demonstrated, are capitalised within 'drilling costs and equipment'
on a well-by-well basis. Subsequent expenditure is capitalised only where it either
enhances the economic benefits of the development/producing asset or replaces part of
the existing development/producing asset. Any costs remaining associated with the part
replaced are expensed.
2.9 Intangible Assets
\u2022 Development expenditure
Expenditure on the drilling of development wells, including service, is capitalised initially
within intangible fixed assets and when the well has formally commenced commercial
production, then it is transferred to property, plant and equipment and is depreciated from
the commencement of production as described in the accounting policy for property, plant
and equipment.
\u2022 Drilling costs and Petroleum mineral leases
The Group applies the successful efforts method of accounting for oil and gas assets, having regard to the requirements of IFRS 6 'Exploration for and Evaluation of Mineral Resources'. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Statement of Comprehensive Income. Exploration expenditure incurred in the process of determining exploration targets is capitalised initially within intangible assets as drilling costs. Drilling costs are initially capitalised on a well-by-well basis until the success or otherwise has been established. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercially viable. Drilling costs are subsequently transferred to 'Drilling expenditure' within property, plant and equipment and depreciated over their estimated useful economic life. All such costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop or otherwise extract value from the discovery. Where this is no longer the case, the costs are immediately expensed to the Statement of Comprehensive Income. 2.10 Impairment of Non-Financial Assets Assets not ready for use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment at each reporting date. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Classification Financial assets are recognised when the Group becomes a party to the contractual provisions of the instrument. At initial recognition, the Group measures its financial assets at fair value plus transaction costs which comprise 'trade and other receivables' and 'cash and cash equivalents'. A financial asset shall be measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Recognition and measurement At initial recognition, an entity shall measure a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. At initial recognition, an entity shall measure trade receivables at their transaction price if the trade receivables do not contain a significant financing component. Derecognition The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.
Derecognition also takes place for certain assets when the Group writes-off balances
pertaining to the assets deemed to be uncollectible.
Impairment of financial assets
IFRS 9 mandates the use of an expected credit loss model to calculate impairment losses
rather than an incurred loss model, and therefore it is not necessary for a credit event to
have occurred before credit losses are recognised. The impairment model applies to the
Group's financial assets and loan commitments. The Group recognises lifetime expected
credit losses (\"ECL\") when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased
significantly since initial recognition, the Group measures the loss allowance for that
financial instrument at an amount equal to a lifetime ECL.
At each reporting date, the Group assesses whether financial assets carried at amortised
cost are credit impaired. A financial asset is credit impaired when one or more events that
have a detrimental impact on the estimated future cash flows of the financial asset have
occurred.
2.12 Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and in hand and demand deposits with
banks.
2.13 Trade and Other Payables
Trade and other payables are initially measured at fair value, net of transaction costs that
are directly attributable to the issue of the financial liability and are subsequently
measured at amortised cost using the effective interest method if the time value of money
is significant.
2.14 Borrowings
Borrowings are recognised initially at fair value minus transaction costs that are directly
attributable to the issue of the financial liability. Borrowings are subsequently carried at
amortised cost; any difference between the proceeds (net of transaction costs) and the
redemption value is recognised in the Income Statement over the period of the borrowings,
using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right
to defer settlement of the liability for at least 12 months after the end of the reporting
period.
2.15 Share Capital
Ordinary shares are classified as equity when there is no obligation to transfer cash or
other assets. Incremental costs directly attributable to the issue of equity instruments are
shown in equity as a deduction from the proceeds, net of tax. Incremental costs directly
attributable to the issue of equity instruments as consideration for the acquisition of a
business are included in the cost of acquisition.
2.16 Reserves
On 17 May 2017 Pennpetro Energy plc (\"Pennpetro\") acquired 100% of the issued capital of
Nobel Petroleum UK Limited (\"Nobel UK\") in a share for share exchange with the
shareholders of Nobel UK's parent company at that time, Nobel Petroleum Ireland Limited
(\"Nobel Ireland\"). This reverse merger was accounted for as a share-based payment
transaction which should be accounted for in accordance with IFRS 2. On the basis of the
guidance in para 13A of IFRS 2, the reverse merger has been treated as a continuation of
the Nobel Group into the Pennpetro Group. The consideration included the issue of new
share capital and the issue of a convertible bond. The total consideration less the share
capital in Nobel UK resulted in the creation of the reorganisation reserve.
The convertible reserve represents the principal value of a mandatory convertible note
issued by Pennpetro Petroleum plc to Nobel Petroleum Ireland Limited in part
consideration for the acquisition of Nobel Petroleum UK under an agreement dated 17 May
2017. The convertible loan note was issued by Pennpetro to Nobel Ireland in the Reverse
merger of Nobel UK. This may be converted into 19 million ordinary shares if certain
conditions are met, at a fixed subscription price of 25 pence. The loan note was partially
exercised in March 2022 for issue of 5,833,333 shares.
The foreign exchange reserve represents effects of currency translation in the year.
2.17 Taxation
The tax expense or credit comprises current and deferred tax. It is calculated using tax
rates that have been enacted or substantively enacted by the Statement of Financial
Position date.
Deferred tax is accounted for using the balance sheet liability method in respect of
temporary differences arising from differences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax basis used in the
computation of taxable profit. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible temporary
differences can be utilised. Such assets and liabilities are not recognised if the temporary
difference arises from goodwill, from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction, which affects neither the tax
profit nor the accounting profit, or if it does not give rise to equal taxable and deductible
temporary differences.
Deferred tax liabilities are recognised for taxable temporary differences arising on
investments in subsidiaries and associates, and interests in joint ventures, except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. 2.18 Segment Information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (\"CODM\"), who is responsible for allocating resources and assessing performance of the operating segments and making strategic decisions. The CODM is determined to be the board of Directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-205": { "value": "2.1. Basis of preparation These consolidated financial statements have been prepared and approved by the Director s in accordance with the UK adopted International Accounting Standards. The financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with the UK adopted International Accounting Standards requires the use of certain critical accounting estimates. It also requires manage ment to exercise its judgement in the process of applying the Group's accounting policies. The ar eas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The Directors note that the individual acting as Company Secretary and financial controller passed away in April 2024. This has resulted in a significant limitation to the accounting information and records available to the Directors for the preparation of the consolidated financial statements for the year ended 31 March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-206": { "value": "2.2. Basis of consolidation The Group financial statements consolidate the financial statements of the Company and all its subsidiaries (the \"Group\"). Subsidiaries include all entities over which the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns thr ough its power over the investee. The existence and effect of potential voting rights that are curre ntly exercisable or convertible are considered when assessing whether the Group controls anot her entity. Subsidiaries are consolidated from the date on which control commences until the date that control ceases. Intra-group balances and any unrealised gains and losses on income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-207": { "value": "2.3. Going concern The Directors have assessed the Group's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. This assessment takes into account the Group's current financial position, expected operating costs, planned activities, and availability of funding. Since October 2025, the Company has engaged with a number of institutional investors in connection with the proposed return of its shares to trading on the London Stock Exchange and the planned acquisition of the Limnytskyi licence in Ukraine. Feedback to date has been positive, and the directors believe that sufficient funding can be raised to meet the Group's immediate operational and working capital requirements following the resumption of trading. In addition, the Company has access to funding through a convertible loan note (\"CLN\") arrangement with RMD Group. In January 2025, the board approved a second tranche of \u00a3250,000 under this facility, which is subject to an agreed use of funds. Further funding may be made available under this or similar arrangements, should it be required. RMD Group has also agreed to advance funds directly to suppliers and contractors in Ukraine to progress activities relating to the Limnytskyi licence. These costs will not impact obligations. statements on a going concern basis. continue as a going concern. the Group's short-term cash flows. Upon completion of the ongoing restructuring and should the Limnytskyi licence form part of the continuing Group, the related assets and activities will be transferred to the Company, together with the associated funding Following the removal of a significant creditor from the balance sheet, the settlement of the majority of remaining creditors, and the availability of committed and potential funding to meet near-term obligations, the Directors consider it appropriate to prepare the financial Whilst the Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, the current conditions do indicate the existence of a material uncertainty that may cast significant doubt regarding the applicability of the going concern assumption. The financial statements do not include adjustments that would arise in the event of the Group and Company not being able to ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-208": { "value": "2.5 Revenue Recognition Most of the Group's revenue is derived from the sale of physical goods to customers. The contract contains one performance obligation which is satisfied at the point of delivery. The performance obligation of goods sold are transferred according to the specific terms that have been formally agreed with the customer, generally upon delivery. The transaction price for this revenue is the amount which can be invoiced to the customer once the performance obligations are fulfilled, reduced to reflect the provision recognised for local taxes. There are no material rights of return, warranties, or variable consideration affecting the transaction price. The transaction price is determined gross of sales tax, where cash is received net of such taxes. Payment terms are typically within 30 days of delivery, with no significant financing component. For all sales of goods, revenue is recognised at a point in time, being the point at which the goods are delivered to the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-209": { "value": "2.6 Investments in Subsidiaries Investments in subsidiaries are accounted for at cost less impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-210": { "value": "2.7 Foreign Currency Translation \u00b7 Functional and presentation currency Items included in each of the financial statements of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The functional currency of the UK parent entity is pound sterling and the functional currency of the US subsidiaries is US dollars. The financial statements are presented in US Dollars, rounded to the nearest dollar, which is the Group's and Company's presentation currency. \u00b7 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement Of Comprehensive Income. \u00b7 Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u00a7 assets and liabilities for each Statement of Financial Position presented are translated at the closing rate at the date of that Statement of Financial Position; \u00a7 income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and \u00a7 all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of monetary items receivable from foreign subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future are taken to other comprehensive income. When a foreign operation is sold, such exchange differences are recognised in the Statement of Comprehensive Income as part of the gain or loss on sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-211": { "value": "2.8 Property, Plant and Equipment Following evaluation of successful exploration of wells, if commercial reserves are established and the technical feasibility of extraction demonstrated, and once a project is sanctioned for commercial development, then the related capitalised exploration costs are transferred into a single field cost centre within 'producing properties' within property, plant and equipment after testing for impairment. The net book values of 'producing properties' are depreciated on a unit of production basis at a rate calculated by reference to proven and probable reserves and incorporating the estimated future cost of developing and extracting those reserves once production has commenced. The Petroleum (Mineral lease) expenditure to date is over land that has already had historical vertical drilled wells and has proven oil reserves. All these costs were therefore immediately capitalised within property, plant and equipment. All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons has been demonstrated, are capitalised within 'drilling costs and equipment' on a well-by-well basis. Subsequent expenditure is capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any costs remaining associated with the part replaced are expensed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-212": { "value": "2.9 Intangible Assets \u2022 Development expenditure Expenditure on the drilling of development wells, including service, is capitalised initially within intangible fixed assets and when the well has formally commenced commercial production, then it is transferred to property, plant and equipment and is depreciated from the commencement of production as described in the accounting policy for property, plant and equipment. \u2022 Drilling costs and Petroleum mineral leases The Group applies the successful efforts method of accounting for oil and gas assets, having regard to the requirements of IFRS 6 'Exploration for and Evaluation of Mineral Resources'. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Statement of Comprehensive Income. Exploration expenditure incurred in the process of determining exploration targets is capitalised initially within intangible assets as drilling costs. Drilling costs are initially capitalised on a well-by-well basis until the success or otherwise has been established. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercially viable. Drilling costs are subsequently transferred to 'Drilling expenditure' within property, plant and equipment and depreciated over their estimated useful economic life. All such costs are subject to regular technical, commercial and management review on at least an annual basis to confirm the continued intent to develop or otherwise extract value from the discovery. Where this is no longer the case, the costs are immediately expensed to the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-213": { "value": "2.10 Impairment of Non-Financial Assets Assets not ready for use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation or depreciation are reviewed for impairment at each reporting date. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-214": { "value": "2.11 Financial Assets
Classification
Financial assets are recognised when the Group becomes a party to the contractual
provisions of the instrument. At initial recognition, the Group measures its financial assets
at fair value plus transaction costs which comprise 'trade and other receivables' and 'cash
and cash equivalents'.
A financial asset shall be measured at amortised cost if both of the following conditions
are met:
\u2022 the financial asset is held within a business model whose objective is to hold financial
assets in order to collect contractual cash flows; and
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount outstanding.
Recognition and measurement
At initial recognition, an entity shall measure a financial asset at its fair value plus
transaction costs that are directly attributable to the acquisition or issue of the financial
asset.
At initial recognition, an entity shall measure trade receivables at their transaction price if
the trade receivables do not contain a significant financing component.
Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flows
from the asset expire, or it transfers the rights to receive the contractual cash flows on the
financial asset in a transaction in which substantially all the risks and rewards of the
ownership of the financial asset are transferred. Any interest in transferred financial assets
that is created or retained by the Group is recognised as a separate asset or liability.
Derecognition also takes place for certain assets when the Group writes-off balances pertaining to the assets deemed to be uncollectible. Impairment of financial assets IFRS 9 mandates the use of an expected credit loss model to calculate impairment losses rather than an incurred loss model, and therefore it is not necessary for a credit event to have occurred before credit losses are recognised. The impairment model applies to the Group's financial assets and loan commitments. The Group recognises lifetime expected credit losses (\"ECL\") when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to a lifetime ECL. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-215": { "value": "2.12 Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-216": { "value": "2.13 Trade and Other Payables Trade and other payables are initially measured at fair value, net of transaction costs that are directly attributable to the issue of the financial liability and are subsequently measured at amortised cost using the effective interest method if the time value of money is significant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-217": { "value": "2.14 Borrowings Borrowings are recognised initially at fair value minus transaction costs that are directly attributable to the issue of the financial liability. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings, using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-218": { "value": "2.15 Share Capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction from the proceeds, net of tax. Incremental costs directly attributable to the issue of equity instruments as consideration for the acquisition of a business are included in the cost of acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-219": { "value": "2.16 Reserves On 17 May 2017 Pennpetro Energy plc (\"Pennpetro\") acquired 100% of the issued capital of Nobel Petroleum UK Limited (\"Nobel UK\") in a share for share exchange with the shareholders of Nobel UK's parent company at that time, Nobel Petroleum Ireland Limited (\"Nobel Ireland\"). This reverse merger was accounted for as a share-based payment transaction which should be accounted for in accordance with IFRS 2. On the basis of the guidance in para 13A of IFRS 2, the reverse merger has been treated as a continuation of the Nobel Group into the Pennpetro Group. The consideration included the issue of new share capital and the issue of a convertible bond. The total consideration less the share capital in Nobel UK resulted in the creation of the reorganisation reserve.", "dimensions": { "concept": "ppp:DescriptionOfAccountingPolicyForReservesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-220": { "value": "2.17 Taxation The tax expense or credit comprises current and deferred tax. It is calculated using tax rates that have been enacted or substantively enacted by the Statement of Financial Position date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, or if it does not give rise to equal taxable and deductible temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-203": { "value": "Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill, from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, or if it does not give rise to equal taxable and deductible temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or the liability is settled. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-221": { "value": "2.18 Segment Information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (\"CODM\"), who is responsible for allocating resources and assessing performance of the operating segments and making strategic decisions. The CODM is determined to be the board of Directors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-223": { "value": "3. FINANCIAL RISK MANAGEMENT The Group's activities expose it to a variety of financial risks: market risk (including commodity and currency risk, and cash flow and interest rate risk), credit risk and liquidity risk. Market risk The Group operates in an international market for hydrocarbons and is exposed to risk arising from variations in the demand for and price of the hydrocarbons. Oil and gas prices historically have fluctuated widely and are affected by numerous factors over which the Group has no control, including world production levels, international economic trends, exchange rate fluctuations, speculative activity and global or regional political events.
Commodity and currency risk
As the Group's potential earnings will be derived from the sale of oil, the Group's future
revenues and cash flows will be impacted by changes in the prices and available market of
this commodity. Any substantial decline in the price of oil or in transport or distribution
costs may have a material adverse effect on the Group. Commodity prices fluctuate and
are affected by a number of factors including current and expected future supply and
demand, production cost levels in major oil producing centres, as well as macroeconomic
conditions such as inflation and interest rates.
Furthermore, the capital raises of the Company are denominated in Great British Pounds
whereas the Groups assets and liabilities are primarily held in United States Dollars.
Consequently, material changes in the Pound Sterling exchange rate may impact the
Group's ability to raise sufficient funds for operations in Texas. Exchange rates are
impacted by numerous factors beyond the control of the Group, including inflation, interest
rates, and general economic outlook. Notes 16 and 21 detail the impact of adverse and
favourable movements in exchange rates that may impact the Group.
The Directors are confident that they have put in place a strong management team capable
of dealing with the above issues as they arise.
Credit risk
The Group's principal financial assets are cash and cash equivalents, other receivables
and short-term investments.
Credit risk represents the risk of loss the Group would incur if third party operators and
counterparties fail to fulfil their credit obligations. The risk is concentrated between a
relatively small group of operators given the small number of parties involved in oil and gas
exploration and production activities. The Group seeks to mitigate this risk where possible
by assessing the credit quality of the participants and by establishing ongoing and long-
term relationships.
The initial credit risk on cash and cash equivalents and short-term investments is limited
because it is the Group's policy to invest with banks that firstly offer the greatest degree of
security in the view of the Group and, secondly the most competitive interest rates. The
credit risk for short term investments and cash and cash equivalents is considered
negligible since the counterparties are reputable banks.
Other receivables include amounts due from parties that have been involved in the
Gonzales Project since its inception and continue to have an interest in the Group in their
capacity as shareholders in Pennpetro or as lenders to the Group. Other receivables are
therefore initially considered low credit risk.
Other receivables are considered in default if the entity or party has not settled its payment
obligation by the due date set out in the underlying contracts and agreements.
A loss allowance is recognised for expected credit losses on all financial assets held at the
balance sheet date. Given risk mitigation steps undertaken by the Directors, no provision
has been made for losses.
The maximum exposure due to credit risk for the Group on financial assets during the
year was
$391,103 (2024: $336,589). All amounts are expected to be received in full and on time.
Liquidity risk
Cash flow forecasting is performed in the operating entities of the Group and aggregated by
Group Finance. Group Finance monitors rolling forecasts of the Group's liquidity
requirements to ensure it has sufficient cash to meet operational needs, while seeking to
maintain sufficient headroom on its undrawn committed borrowing facilities (note 20) at all
times, so that the Group does not breach borrowing limits or covenants (where applicable)
on any of its borrowing facilities. Such forecasting takes into consideration the Group's
debt financing plans, covenant compliance, compliance with internal Statement of
Financial Position ratio targets, and, if applicable, external regulatory or legal requirements
(for example, currency restrictions).
The table below analyses the Group's non-derivative financial liabilities into relevant
maturity groupings, based on the remaining period at the Statement of Financial Position to
the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Group
Less than
Between 1 and
Between 2 and
2 years
3 years
1 year
$
$
At 31 March 2025
$
Borrowings (undiscounted)
4,717,031
-
-
Trade and other payables
2,403,955
-
-
At 31 March 2024
Borrowings (undiscounted)
4,604,181
-
-
Trade and other payables
2,129,116
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-224": { "value": "
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
4.1.Use of estimates and judgements
The preparation of Financial Statements in conformity with IFRSs requires management to
make judgements, estimates and assumptions that affect the application of policies and
reported amounts of assets and liabilities, income and expenses. The estimates and associ
ated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the rev
ision affects only that period, or in the period of the revision
and future periods if the revision affects both current and future periods. In particular,
information about significant areas of estimation uncertainty and critical judgements in
applying accounting policies that have the most significant effect on the amount
recognised in the financial statements are described below.
4.2.Critical accounting judgements
\u2022 Recoverability of non-producing mineral leases and capitalised drilling costs
& equipment
Management tests annually whether non-producing mineral leases have future economic
value in accordance with the accounting policies. This assessment takes into consideratio
n the likely commerciality of the asset, the future revenues and costs pertaining and the
discount rates to be applied for the purposes of deriving a recoverable value. In the event
that a lease does not represent an economic drilling target and results indicate that there is
no additional upside, the mineral lease and drilling costs will be impaired.
The Directors
have reviewed the estimated value of the licences and have concluded that no adjustment
to the previously impaired assets should be made. The primary terms of the leases have
expired but did not require renewal whilst there was production from the permitted area.
Production over the permitted area stopped in April 2024 and has not yet recommenced.
\u2022 Impairment of investments, and amounts due from subsidiaries
The Directors have assessed at year end whether there is any indication that the carrying
value of the Company's investment in its subsidiaries has been impaired, and whether the
amounts due from its subsidiaries are not recoverable. This assessment included
consideration of the value of the underlying assets held by the subsidiaries, being the
mineral leases, proven oil and gas reserves and Net Revenue Interests. Based on this
review, the directors have concluded that the assumptions, estimates, and judgements
applied in the previous accounting period remain appropriate, and accordingly there has
been no change to the impairment conclusions recognised in the previous accounting
period.
4.3 Critical accounting estimates
\u2022 Estimated impairment of producing properties and capitalised drilling costs
& equipment
At 31 March 2025, petroleum mineral leases and capitalised drilling costs & equipment on
petroleum properties have a total carrying value of $Nil (2024: $Nil), (notes 12 and
13). Management tests annually whether the assets have future economic
value in accordance with the accounting policies and has previously placed reliance on the
Competent Persons Report (\"CPR\") prepared in December 2017 for the City of Gonzales
Lease Area, which is now considered to be out of date.
As detailed in section 4.2, the Whistling Straits Development Area mineral leases have
expired and therefore no drilling or production can take place from this area at present.
Existing development expenditure incurred thus has no value in use and so the carrying
value of these properties is now $Nil.
The Directors are investigating the potential for new lease agreements to be reached and as
such, reinstate the historic value of the properties. However, there is no firm agreement as
at the date of this report and as such, no reinstatement of value can yet be made.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-225": { "value": "
5. REVENUE FROM CONTRACTS WITH CUSTOMERS
Set out below, is the reconciliation of the revenue from contracts with customers with
the amounts disclosed in the segment information (note 6):
Year ended 31 March 2025
Oil Sales
Other
Total
$
$
$
Segments
Type of goods or service
Sale of Oil
30,067
-
30,067
Others *
-
-
-
Total revenue from contracts with
customers
30,067
-
30,067
Year ended 31 March 2024
Oil Sales
Other
Total
$
$
$
Segments
Type of goods or service
Sale of Oil
486,721
-
486,721
Others *
-
6,284
6,284
Total revenue from contracts with
customers
486,721
6,284
493,005
*rent of office space
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-226": { "value": "6. SEGMENTAL INFORMATION The Group operates in two geographical areas, the United Kingdom and the United States of America. Activities in the UK are mainly administrative in nature whilst the activities in the USA relate to exploration and production from oil and gas wells. The reports reviewed by the Board of Directors that are used to make strategic decisions are based on these geographical segments. Year ended 31 March 2025
Intra-segment
USA
UK
balances
Total
$
$
$
$
Revenue
30,067
-
-
30,067
Operating loss
(738,073)
(979,040)
-
(1,717,113)
Capital expenditure
-
-
-
-
Total assets
66,730
133,447
(98,325)
101,852
Total liabilities
5,043,356
1,979,305
98,325
7,120,986
Year ended 31 March 2024
Intra-segment
USA
UK
balances
Total
$
$
$
$
Revenue
486,721
6,284
-
493,005
Operating loss
(3,204,844)
(12,002,239)
6,439,191
(8,767,892)
Capital expenditure
1,337,392
-
-
1,337,392
Total assets
299,866
14,281
-
314,147
Total liabilities
4,680,647
1,794,418
-
6,475,065
The amounts provided to the Board of Directors with respect to total assets are measured
in a manner consistent with that of the financial statements. These assets are allocated
based on the operations of the segment and physical location of the asset.
Reportable segments' assets are reconciled to total assets as follows:
31 March 2025
31 March 2024
$
$
Segmental assets for reportable segments
101,852
314,147
Total assets per Statement of Financial Position
101,852
314,147
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-227": { "value": "
7. EXPENSES BY NATURE
Year ended
Year ended 31
31 March 2025
March 2024
Group
$
$
Legal, professional and compliance costs
493,793
842,948
Foreign exchange loss / (gain)
946
(18,809)
Wages and salaries
435,627
226,222
Other costs
354,703
541,789
Total administrative expenses
1,285,069
1,592,150
Unknown expenditure
-
423,563
Total other losses
-
423,563
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-228": { "value": "
8. AUDITOR REMUNERATION
Services provided by the Company's auditor and its associates
During the period, the Group (including its overseas subsidiaries) obtained the following
services from the Company's auditor:
Period ended 31 March 2025
Period ended 31 March 2024
$
$
Fees payable to the Company's auditor for the audit
of the parent company and consolidated financial
Statements
76,536
69,123
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-229": { "value": "
9. STAFF COSTS
Group and Company
2025
2024
$
$
Wages and salaries
417,939
226,222
Social security costs
14,260
-
Pension contributions
3,428
-
435,627
226,222
Directors' Emoluments
2025
$
2024
$
Olof Rapp
Emoluments
57,402
37,704
Thomas Evans
Emoluments
123,840
37,704
David Lenigas
Emoluments
84,263
150,814
Stephen Lunn
Emoluments
89,292
-
Robert Menzel
Emoluments
63,142
-
417,939
226,222
The Group does not employ any full-time employees at its US subsidiaries. Instead, the
Group uses specialist service providers to fulfil its well drilling and land management
requirements.
The average monthly number of staff, including the Directors, during the financial year was
as follows:
2025
2024
Directors
3
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-230": { "value": "
10. FINANCE COSTS
2025
2024
$
$
357,969
260,285
Interest expense
357,969
260,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-231": { "value": "
11. INCOME TAX
The tax charge for the year is $Nil (2024: $Nil). Factors affecting the tax charge for the
period are explained below:
2025
2024
$
$
Loss for the year before taxation
(1,717,113)
(8,897,048)
UK Loss before tax multiplied by the UK tax
(429,278)
(2,224,262)
rate 25% (2024: 25%)
Tax effect of:
Fixed asset differences
-
1,777,112
Expenses not deductible for tax purposes
117,253
121,205
Difference in overseas tax rate
(2,295)
-
Movement in deferred tax not recognised
314,320
-
Unutilised tax losses carried forward
-
325,945
-
-
The Group has UK tax losses of approximately $3,709,687 (2024: $2,944,526) to carry forward against future profits. The Directors have not recognised a deferred tax asset on the losses to date due to the uncertainty of recovery. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-232": { "value": "12. EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the following loss and number of shares:
2025
2024
Group:
Loss attributable to equity holders of the
parent ($)
1,717,113
8,897,048
Weighted average number of shares (number)
107,863,473
98,600,728
Loss per share (cents)
(1.59)
(9.02)
There is no difference between the basic and diluted earnings per share as the effect would be to decrease the loss per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-233": { "value": "13. PROPERTY, PLANT AND EQUIPMENT
Petroleum
Group
(Mineral
Office
Leases)
equipment
Total
$
$
$
Cost
At 31 March 2023
1,484,931
11,699
1,496,630
At 31 March 2024
1,484,931
11,699
1,496,630
At 31 March 2025
1,484,931
11,699
1,496,630
Accumulated Depreciation and
Impairment
At 31 March 2023
-
11,699
11,699
Impairment
1,484,931
-
1,484,931
At 31 March 2024
1,484,931
11,699
1,496,630
At 31 March 2025
1,484,931
11,699
1,496,630
Net Book Amount
At 31 March 2024
-
-
-
At 31 March 2025
-
-
-
Impairment review
This review included consideration of the status and enforceability of the Mineral Leases, including those at Whistling Straits and COG#1-H, where the primary lease terms have expired and, in certain cases, production has ceased. The Directors also considered the continued relevance of the previously obtained Competent Person's Report in supporting the commercial viability of these assets. Based on this review, the Directors concluded that the uncertainties and conditions giving rise to the impairment recognised in the year ended 31 March 2024 remain unchanged. Accordingly, the assumptions and judgments applied in the prior year continue to be appropriate, and no additional impairment charge or reversal has been recognised in the current year. Further details regarding consideration of the carrying value is contained in note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-234": { "value": "14. INTANGIBLE ASSETS Group Drilling costs $ Total $ Cost At 31 March 2023 4,233,890 4,233,890 Additions 1,337,392 1,337,392 At 31 March 2024 5,571,282 5,571,282 Additions 104,142 104,142 At 31 March 2025 5,675,424 5,675,424 Amortisation and Impairment At 31 March 2023
Impairment
5,571,282
5,571,282
At 31 March 2024
5,571,282
5,571,282
Impairment
104,142
104,142
At 31 March 2025
5,675,424
5,675,424
Net Book Amount
At 31 March 2024
-
-
At 31 March 2025
-
-
Drilling costs represents acquired exploration and evaluation assets with an undetermined
useful life and are tested annually for impairment. Drilling costs are capitalised on a well-
by-well basis if the results indicate the existence of a commercially viable level of reserves.
At 31 March 2025, the Company held, through its US based subsidiary entities, 100% in the
leasehold petroleum interests centered on the City of Gonzales, southwest Texas.
Impairment review - Intangible assets
The Directors have undertaken a review to assess whether circumstances exist which
could indicate the existence of impairment, considering the following indicators:
\u2022 There is uncertainty over the title and enforceability of mineral leases.
\u2022 A decision has been taken by the Board to discontinue exploration due to the absence
of a commercial level of reserves.
\u2022 Sufficient data exists to indicate that the costs incurred will not be fully recovered from
future development and participation.
Following their assessment, the Directors concluded that the uncertainties and conditions giving rise to the impairment recognised in the year ended 31 March 2024 remain unchanged. Further details regarding consideration of the carrying value is contained in note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-235": { "value": "15. INVESTMENTS Investments in subsidiaries Company
2025
2024
$
$
Shares in group undertakings
At 1 April
-
6,440,980
Foreign exchange movements
-
94,328
Impairments
-
(6,535,308)
At 31 March
-
-
The Group comprises of the following subsidiaries:
Pennpetro USA Corp
Registered Office:
8 The Green Ste A, Dover, Delaware
19901,
USA
Nature of business:
Oil and Gas
Class of share:
Ordinary shares
% of equity shares held
100%
by Company:
Nobel Petroleum USA Inc.
Registered Office:
198
West 13th Street,
Wilmington, Delaware
19801,
USA
Nature of business:
Oil and Gas
Class of share:
Ordinary shares
% of equity shares held
100% via Pennpetro USA Corp
by Company:
Nobel Petroleum LLC
Registered Office:
3867
Plaza Tower DR Baton Rouge, Louisiana
70816-4378, USA
Nature of business:
Oil and Gas
Class of share:
Ordinary shares
% of equity shares held
100% via Pennpetro USA Corp
by Company:
Pennpetro Greentec UK Limited
Registered Office:
20b Wilton Row London SW1X
7NS, UK
Nature of business:
Dormant
Class of share:
Ordinary shares (\u00a3100)
% of equity shares held
100%
by Company:
Pennpetro Green Energy Limited
Registered Office:
20bWilton Row, London SW1X
7NS, UK
Nature of business:
Dormant
Class of share:
Ordinary shares (\u00a3100)
% of equity shares held
100%
by Company:
Pennpetro Greentec Limited
Registered Office:
1 Kalymnou, Q MERITO, 4th Floor, Agios
Nikolaos, 6037 Larnaca, Cyprus
Nature of business:
IP Holding
Class of share:
Ordinary shares (\u20ac1,000)
% of equity shares held
100%
by Company:
Investments in Group undertakings are stated at cost, which is the fair value of the consideration paid, less any impairment provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-236": { "value": "16. TRADE AND OTHER RECEIVABLES
Group
Company
2025
2024
2025
2024
$
$
$
$
Amounts owed from
group undertakings
-
-
98,325
-
Other receivables
-
307,881
-
14,240
-
307,881
98,325
14,240
The fair value of all receivables is the same as their carrying values stated above. Group The carrying amounts of the Group's trade and other receivables are denominated in the following currencies:
2025
2024
$
$
UK Pound Sterling
-
14,240
US Dollar
-
293,641
-
307,881
The maximum exposure to credit risk at the reporting date is the carrying value of the trade and other receivables mentioned above. The Group does not hold any collateral as security. Company The carrying amounts of the Company's trade and other receivables are denominated in UK Pound Sterling. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-237": { "value": "17. SHORT-TERM INVESTMENTS
Group
Company
2025
2024
2025
2024
$
$
$
$
", "dimensions": { "concept": "ppp:DisclosureOfShortTermInvestmentsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-238": { "value": "18. CASH AND CASH EQUIVALENTS
Group
Company
2025
2024
2025
2024
$
$
$
$
Cash at bank
101,852
6,266
35,122
41
At 31 March 2025, the Group held cash of $101,852 (2024: $6,266) in banks with a Fitch credit rating of A (Stable). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-239": { "value": "19. SHARE CAPITAL AND PREMIUM
Ordinary shares
Share premium
Number of
Value
Value
Value
Value
Total
Group
shares
\u00a3
$
\u00a3
$
$
At 1 April 2024
100,299,089
1,002,991
1,277,639
6,679,247
8,443,248
9,720,887
Share issue
12,000,000
120,000
154,256
631,200
812,530
966,786
At 31 March
112,299,089
1,122,991
1,431,895
7,310,447
9,255,778
10,687,673
2025
On 31 July 2024 6,000,000 new ordinary shares were issued at a price of 6 pence per share. On 14 August 2024 5,000,000 new ordinary shares were issued at a price of 6 pence per share. On 5 November 2024 1,000,000 new ordinary shares were issued at a price of 12 pence per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-240": { "value": "20. BORROWINGS
Group
Company
2025
2024
2025
2024
$
$
$
$
Current liabilities
Corporate borrowings
4,717,031
4,345,948
-
-
As at 31 March 2023, the Group had a $5 million Loan Note arrangement with Petroquest
Energy Limited, with a maturity date of 31 December 2024. At the date of signature of these
financial statements, the whole amount is due for payment. On 20 August 2025,
Petroquest Energy Limited issued a Corporate Undertaking within which the majority of the
Petroquest loan would be written off and its security over assets held in Nobel Petroleum
LLC be released. Further details regarding this agreement are included in Note 29.
The annual interest rate is set at 1% below Barclays Bank base rate. In the year to 31 March
2025, $179,980 was charged in interest and the effective interest charge for the year to 31
March 2025 is $143,106 as shown in finance costs (note 10). The undiscounted balance
drawn against this loan note as at 31 March 2025 was $4,669,035 (2024: $4,604,181). The
borrowing facility is secured against certain petroleum leases owned by the Group which
have now expired, and the value of these leases impaired per note 12. The Directors are in
discussion with Petroquest to agree mutually beneficial terms to resolve the issue. The
discounted present value of the loan as at 31 March 2025 equals the undiscounted value
as the maturity date of 31 December 2024 has already passed.
In addition to the above, on 15 October 2024, the Group entered into a new Loan Note with
Frost Bank for $50,000, with a maturity date of 15 October 2025. This Note is denominated
in US dollars and at the reporting date, the outstanding balance was $47,996. The interest
rate on this Loan Note is the U.S. Prime Rate as quote in the Wall Street Journal U.S. Edition
and is accruing daily. The Loan Note is secured against the assets of Pennpetro USA Corp.
Subsequent to the reporting date of these financial statements, on 30 June 2025, the Frost
Bank Loan Note was settled in full. Upon settlement, the security previously granted was
released.
The movement in total borrowings in the year was as follows. Borrowings are denominated
wholly in US Dollars.
Group
Company
2025
2024
2025
2024
$
$
$
$
At 1 April
4,345,949
4,018,369
-
-
Interest charge
179,980
211,443
-
-
Adjustment for
effective interest
143,106
48,802
-
-
Adjustment for historic
-
67,335
-
-
Directors balance
Drawdown of new
50,000
-
borrowings
Repayments
(2,004)
-
At 31 March
4,717,031
4,345,949
-
-
The fair value of borrowings approximates to their carrying amount. Borrowings are
denominated in US dollars.
The net debt position (total borrowings less cash on hand) as at 31 March
2025 is $4,615,179 (2024: $4,339,683). Settlement of the Petroquest Loan Note has been
agreed since the year end. Further details regarding the settlement are included in Note 29.
2025
2024
$
$
Opening net Debt
4,339,683
3,971,577
Net (increase) / decrease in cash
(95,971)
38,059
Net Proceeds of loans
47,996
-
Interest charged
323,086
260,245
Adjustment for historic Directors amount
-
67,335
Foreign exchange movements
385
2,467
Closing Net Debt
4,615,179
4,339,683
Company The company does not carry any borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-241": { "value": "21. TRADE AND OTHER PAYABLES
Group
Company
2025
2024
2025
2024
$
$
$
$
Trade and other payables
1,656,641
1,362,468
1,197,848
994,462
Amounts owed to
group undertakings
-
-
34,143
33,308
Facility provision (1)
387,106
529,508
387,106
529,508
Accrued expenses
360,208
237,140
360,208
237,140
At 31 March 2025
2,403,955
2,129,116
1,979,305
1,794,418
(1) The facility provision relates wholly to a balance owed to a creditor with a historic share subscription facility that the Company drew down on for operations. This balance is due within one year of 31 March 2025. Group The carrying amounts of the Group's trade and other payables are denominated in the following currencies:
2025
2024
$
$
UK Pound Sterling
1,979,307
1,794,418
US Dollar
424,648
334,698
2,403,955
2,129,116
The impact of a 10% favourable movement in the US Dollar to UK Pound would increase the carrying value of trade and other payables denominated in UK Pounds by approximately $197,931 (2024: $179,442). The impact of a 10% adverse movement in the US Dollar to UK Pound would reduce the carrying value of trade and other payables denominated in UK Pounds by approximately $197,931 (2024: $179,442). Company The carrying amounts of the Company's trade and other payables are denominated in UK Pound sterling. The carrying amounts of the Company's US subsidiary companies are denominated in US Dollars. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-242": { "value": "22. FINANCIAL INSTRUMENTS BY CATEGORY
Group
Company
2025
2024
2025
2024
$
$
$
$
Assets as per
Statement of
Financial Position
Loans and receivables:
Trade and other
receivables (excluding
prepayments)
-
307,881
98,325
14,240
Short-term investments
-
-
-
-
Cash and
cash equivalents
101,852
6,266
35,122
41
101,852
314,147
133,447
14,281
Liabilities per Statement
of Financial Position
Financial liabilities at
amortised cost:
Borrowings
4,717,031
4,345,949
-
-
Trade and other payables
(excluding non-financial
2,403,955
2,129,116
1,979,305
1,794,418
liabilities)
7,120,986
6,475,065
1,979,305
1,794,418
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-243": { "value": "23. CONTINGENT LIABILITIES In the usual course of business, the Group may receive various claims from customers, suppliers, and other parties. The outcomes of these proceedings are inherently uncertain, and the ultimate resolution may differ from the assessments made by management. Based on information presently available, no individual matter is expected to have a material adverse effect on the Group's financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-244": { "value": "24. TREASURY POLICY The Company and Group operate informal treasury policies which include ongoing assessments of interest rate management and borrowing policy. The Board approves all decisions on treasury policy. The Group has financed its activities by raising funds through borrowings set out in note 20 above. There are no material differences between the book value and fair value of the financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-245": { "value": "25. CAPITAL MANAGEMENT POLICIES The Group and Company set the amount of capital in proportion to its overall financing structure and manage their capital structure and make adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. The Group considers its equity to be its capital. The Group and Company's capital management objectives are: \u2022 to ensure compliance with borrowing covenants; \u2022 to ensure the Group's and Company's ability to continue as a going concern; and \u2022 to provide an adequate return to shareholders. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debts. The Group will continue making interest payments in accordance with financial and non-financial loan covenants. The Group applies itself to taking on critically analysed and early productive asset acquisitions as a forward de-risk strategy to maintain going concern issues. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-246": { "value": "26. CAPITAL COMMITMENTS As at 31 March 2025, the Group had no capital commitment for drilling and equipment costs contracted but not provided for. The Group had no other capital commitments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-247": { "value": "27. RELATED PARTY TRANSACTIONS
Transactions with Directors
An amount of \u00a325,000 was previously received from Olof Rapp via Petroquest Energy
Limited. This amount remains outstanding as at 31 March 2025 and is included in the total
loan note owed to Petroquest Energy Limited.
As at 31 March 2025, Stephen Lunn was a Director of the following companies which are
considered as related parties:
\u2022 Petroquest Energy Limited: balance of $4,669,035 owed to Petroquest Energy Limited
as at 31 March 2025 (2024: $4,345,949). Total interest charged in the year to 31 March is
$323,086 (2024: $260,347). Further details of these borrowings are detailed in note 20.
Transactions with Group undertakings
During the year ended 31 March 2025, the Company provided funds to its wholly owned
subsidiary Nobel Petroleum USA of $46,000 (2024: $1,013,447).
After the foreign exchange gains of $552 (2024: loss of $55,081), the total amount due from
the Group as at 31 March 2025 was $46,552 (2024: $Nil).
All Group transactions were eliminated on consolidation.
28. ULTIMATE CONTROLLING PARTY
As at 31 March 2025, there was no ultimate controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-248": { "value": "
29. EVENTS AFTER THE REPORTING PERIOD
On 30 June 2025, the Frost Bank Loan Note was settled in full. Upon settlement, the
security previously granted was released.
On 20 August 2025, Petroquest Energy Limited issued a Corporate Undertaking within
which the majority of the Petroquest loan note would be written off and its security over
assets held in Nobel Petroleum LLC be released. The balance of the loan will be converted
into a 50% stake in Pennpetro USA Corp. This process has not yet been finalised as of the
date of approval of these financial statements.
On 24 September 2025, the Company entered into an unsecured convertible loan note
agreement with RMD Holdings Ltd to provide the Company with \u00a3250,000 for working
capital requirements. Interest shall be payable at 6% per annum and will accrue daily.
On 13 October 2025, the Company entered into a Heads of Agreement relating to a
transaction over the Limnytskyi Oil and Gas Exploration License.
On 28 January 2026, the Company entered into a further secured convertible loan note
agreement with RMD Holdings Ltd to provide the Company with an additional \u00a3250,000 for
working capital requirements. Interest shall be payable at 12% per annum and will accrue
daily.
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", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800BNN7UN97NVP509", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }