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Pennpetro Energy Advances Reverse Takeover of Oil, Gas Portfolio

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Pennpetro Energy (PPP.L) is reviewing several opportunities for a reverse takeover as part of its strategy to develop a portfolio of oil and gas projects in multiple locations, including Ukraine and the US.

The energy projects developer said Wednesday that three of the opportunities are already at an advanced stage but will remain subject to shareholder approval, among other processes.

Pennpetro added that it expects to receive short-term debt funding from RMD Group to advance the projects, pending the completion of the reverse takeover.

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