Britain’s financial watchdog has temporarily suspended a Texas-based oil and gas firm’s securities after a delay in publishing annual results.
The Financial Conduct Authority (FCA) took action against the London-listed Pennpetro Energy this week at the request of the company.
This comes after a delay in the firm’s publishing of its annual report for 2021, which “reflects the need for the company and its auditors to finalise reporting requirements”.
The report is expected to be concluded by the end of next week, on 8 July.
Pennpetro, which focuses on production in the Gonzales Oil Field in Texas, missed the 30 June deadline to submit its results. Under the FCCA’s transparency and listing rules, it requested the trading of its shares at 1p each, would be suspended.