Pennpetro Energy PLC
06 October 2026
6 October 2026
Pennpetro Energy Plc
("Pennpetro" or the "Company")
Notice of High Court Judgement
Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic energy projects announces that the High Court has today handed down judgement on the Company’s application to strike out, or alternatively seek summary judgement on, the claim brought against it by Mr. Peter Ola Blomqvist (“Mr. Blomqvist”).
Mr. Blomqvist claims entitlement to 41,700,000 shares in the Company and £12m in damages in claims brought against the Company and four other defendants. The Court has found that the Company is entitled to an order striking out Mr. Blomqvist’s claim against it relating to rectification of the share register under section 125 of the Companies Act 2006, his claim that the Company failed to give effect to his alleged entitlement to an increased shareholding in the Company, and miscellaneous further claims, including unparticularised allegations of fraud. The Court also formally dismissed Mr. Blomqvist’s application of 5 May 2026 seeking to prevent the Company’s AGM of 6 May 2026 from proceeding.
The Court has allowed Mr. Blomqvist a further limited opportunity to prepare a draft amendment to his pleading in relation to his alleged option claim for 6,250,000 shares in the Company and has adjourned the Company’s strike out summary judgement application on that basis only. If the Company does not accept Mr. Blomqvist’s amendment, the Company can revive its application to have this matter completely struck out. The Court made it clear that this was not an opportunity to advance further claims against the Company.
The Court will hear from the parties on the costs associated both with the case and the attempted 5 May 2026 injunction application and on further consequential orders. The Company intends to seek its costs.
Richard Spinks, Executive Co-Chairman said: “We have consistently made the point that the Company needed to resolve all historical affairs satisfactorily before we can move forward and build positively for the future. The Annual General Meeting last week was a key milestone, but this judgement is also highly significant. The case has come at substantial costs to the Company through legal expenses and our position has been clear that the claims against the Company were without merit. We are pleased with this outcome, which substantially reduces the distraction on management time.
“The Company wishes to make clear that all and any future misleading, frivolous, malicious or vexatious attempts by any party to harm the Company will be dealt with firmly and applications for costs and where appropriate damages will be aggressively pursued in all cases.”
For further information, contact:
|
Pennpetro Energy Plc Richard Spinks | Mavriky Kalugin SPARK Advisory - Financial Advisor Andrew Emmott | James Keeshan |
c/o Camarco
+44 (0) 20 3368 3550
|
|
Camarco - Financial PR Andrew Turner | Fergus Young
|
+44 (0) 20 3757 4980
|
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.