Richard, a serial entrepreneur, has 40 years' experience working across sectors including technology, fisheries, agriculture, forestry and for the past 13 years renewable energy and decarbonisation fuel product development. Today, RMD's biofuels and biofertilizer company is a leading company in this rapidly growing sector globally.
He has founded several disruptive companies in traditional industry sectors, held executive and board positions in privately held and both US and UK listed Plc businesses. Richard works internationally and has deep knowledge and strong connections, including in Ukraine where he has been active for over 20 years. Richard is multi-lingual and a strong communicator in the languages of the countries where RMD investments are held.
Grand Chief Derrickson is the Owner and President of RMD Group, and a leading, highly successful Indigenous entrepreneur known across Canada and the United States for his leadership in Indigenous economic development and protection of Indigenous Rights.
RMD Group is Pennpetro's Convertible Loan Note lender and the appointee of two Board Directors along with beind the vendor-side counterparty in the proposed Limnytskya licence.
After being elected Chief of Westbank First Nation in 1976. He served as Chief of the Westbank First Nation from 1976 to 1986 and from 1996 to 1998, taking his community from an indebted People with limited prospects to one of Canada’s most successful Indigenous Bands, with an annual GDP of over c.$1billion today, and one of the fastest growing communities in British Columbia and Canada.
Ron was honored by his peers and elected unanimously by the Union of BC Indian Chiefs in 2012 as Grand Chief for Life, in recognition of his service to his People.
He has been a lifelong defender of the rights of Indigenous People and was responsible for succeeding in gaining forestry rights, Canada-wide for Indigenous Peoples where prior, there were none. His relationships are incredibly valuable when resources and Indigenous involvement are present too, through his involvement Pennpetro is evaluating unique opportunities and exploring new economic models for resource development in Canada.
Ron is also an award-winning author, working on his seventh book to date, and a philanthropist providing among other valuable programs, scholarships, providing education to Indigenous students who otherwise would not enjoy the opportunities that some take for granted, reversing his own personal experiences as a young Indigenous man growing up.
Mavriky joined Pennpetro in October 2025, bringing 28 years of experience in the oil and gas sector and extensive global expertise in managing upstream and service companies, greenfield and brownfield development, and production optimization. He recently served as Executive Director and COO of Naftogaz Group in Ukraine.
Sergiy has over 25 years of experience in the international financial services sector, including wealth management, corporate finance, and investment banking. He is currently Director of Research and Analytics at FTSE Russell, a subsidiary of the London Stock Exchange Group.
Previous roles include Head of Representative Office at UBS AG, representing the largest Wealth Manager in Ukraine, and Head of Research at Millennium Capital. Sergiy is a chartered certified accountant, having started his career at Price Waterhouse in 1994, and graduating from the London School of Economics.
Olof Rapp was first appointed as a director of Pennpetro Plc in 2016 and has served on the board since then. His international experience in aerospace and automotive sectors included managerial positions with Rolls-Royce International, Volvo Truck Corporation and VistaJet International in Latin America, Middle East, and Asia. His final position at Rolls Royce was Regional Director for Malaysia, with overall responsibility for Rolls-Royce Plc's business in Malaysia and Brunei (Aviation, Marine, Nuclear, Oil & Gas). Olof has served as Director of the European Chamber of Commerce Malaysia (EuroCham), as well as Vice President of the Swedish Chamber of Commerce Malaysia (SwedCham) in the past.
The Audit Committee:
The Board considers both principal and emerging risks as part of its ongoing risk review process. Emerging risks are identified through:
Regular Board discussions; Engagement with advisers; Monitoring regulatory and industry developments; and Assessment of operational and environmental developments. Where emerging risks are identified, the
Board evaluates their potential impact and likelihood and implements mitigating actions, which may include operational controls, insurance, contractual protections or strategic adjustments.
The Board is responsible for the Company's risk management and internal control systems. The Board monitors these systems on an ongoing basis and has conducted an internal review post year end.
Pennpetro Audit & Risk Committee members are Sergiy Lesyk (Chair), and Olof Rapp.
The Remuneration Committee:
During the year, the Remuneration Committee: Reviewed directors' remuneration arrangements; ·Assessed the appropriateness of directors' fees in light of the Company's size, performance, and financial position; and Considered market comparators where appropriate.
The Committee ensures that remuneration arrangements support the long-term success of the Company and do not encourage excessive risk-taking. As the Company is in a transition stage, the use of traditional performance standards, such. as corporate profitability, is not considered to be appropriate in the evaluation of corporate or directors' performance. Discretionary bonuses may be paid to aid staff retention and reward performance.
The Board considers that the remuneration policy has operated as intended in terms of Company performance and quantum.
Pennpetro Remuneration Committee members are Sergiy Lesyk (Chair), and Olof Rapp.
Pennpetro Energy plc - LSE ticker (PPP)
27/28 Eastcastle Street, London W1W 8DH, United Kingdom