Pennpetro Energy PLC - Texas-focused oil and gas company - Appoints Robert Menzel as chief executive officer, starting on Wednesday. Menzel is chair of commodity trading firm Globalvision International Lda. Back in July last year, Globalvision agreed to buy Pennpetro’s Texas-based subsidiary Nobel Petroleum USA Inc in exchange for granting Pennpetro a royalty interest on the Texan oil wells. The pair also agreed to create an equal joint venture for gas and lithium.

Last week, Pennpetro cancelled a placing of up to 8 million new shares that was intended to raise equity to support the Globalvision deal. Pennpetro explained that it had just become aware of a number of new developments that it needed to clarify, including a $600,000 debt claim against Pennpetro and requisition notice from a group of shareholders seeking board changes. Pennpetro also last week said it is in early talks with a potential new investor, which it didn’t name.

‘Having traversed the challenges facing the company with Robert over the last few months, he will be a very positive addition to the board with the broad experience he brings together with his industry knowledge and expertise,’ says Chair Stephen Lunn.

Pennpetro shares have been suspended from trading on the London Main Market since August 1.

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