29 October 2025

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Appointment of Board Directors

Pennpetro Energy plc, the company focused on developing strategic traditional and transition energy projects, announces the appointment of Richard Spinks as Executive Director and Chief Executive Officer ("CEO") as the company enters a new phase of development.

This follows the announcement of 25 September 2025, where the Company confirmed RMD Group's right under the terms of the CLN, to appoint two directors to the Pennpetro board. Robert Menzel will step down as Chief Executive Officer with immediate effect but will remain on the Board.

About RMD Group

RMD Group, a Canada-based privately held Family Office which makes high impact investments in real estate (North America and Europe), energy, infrastructure, renewable fuel and decarbonisation technologies, forestry, biochemical and technology sectors, in Canada, Europe and the United States.

About Richard Spinks

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.

Stephen Lunn, Chairman of Pennpetro Energy plc said: "The board of Pennpetro are grateful to RMD Group for believing in us and supporting us through this challenging period in the Company's reorganization and I am delighted to welcome Richard onto our Board, to continue to drive positive change going forward.

Their vision, desire and ability to drive Pennpetro Energy forward is hugely exciting. They have injected fresh energy into the Company through the Convertible Loan Note and bringing a number of projects to our attention, beginning with the already announced Limnytskyi License opportunity. I would like to put on record my thanks to Robert Menzel for his tireless work in supporting me to reposition Pennpetro, during a particularly difficult and challenging time, which we believe is now, behind us."

Richard said of his appointment: "Pennpetro Energy today, based on the significant work done over the past 9 months by Stephen and his colleagues, has reached the point where the potential to become a vehicle for exceptional growth and shareholder value creation is finally a reality.

We are bringing together a powerful and highly experienced leadership team, at each stage of the Company's development beginning with Mavriky Kalugin and his enviable knowledge and experience in oil and gas, to identify, negotiate appraise, and unlock economically viable opportunities; and market participants are taking very real notice giving us confidence that the Company will be supported under new management going forward.

Subject to Shareholders also supporting these efforts, I am certain that the Company will not only return to trading, but that it will do so much stronger than before, built on solid foundations, able to deliver real value to all shareholders, existing and new, into the future."

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ENDS