NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, OR JAPAN

This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

Pennpetro Energy PLC

("Pennpetro", the "Company" or the "Group")

Brokers Fee

London, 21 November 2022 - Pennpetro Energy PLC ("Pennpetro"), an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA, today announces that pursuant to the appointment of Arden Partners as a joint broker to the Company, the Company has issued 94,697 ordinary share of £0.01 each as consideration to Arden for services (Fee Shares). Application will be made for admission of the Fee Shares to the standard listing segment of the Official List and for admission to trading on the London Stock Exchange's Main Market for listed securities. It is expected that admission will take place at 8.00am on 23^rd November 2022 and that dealings in such shares will commence at the same time.

Total Voting Rights

Following the issue of the Fee Shares, the Company's issued share capital will comprise 84,499,089 ordinary shares of £0.01 each. The total number of voting rights in the Company following the issue of the Fee Shares will be 84,499,089. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interests in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

-ENDS-

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

Enquiries

NOTES TO EDITORS

Pennpetro Energy is an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted to the Official List of the London Stock Exchange by way of a Standard Listing on 21 December 2017.

Further information on the Company can be found at www.pennpetroenergy.co.uk