27 March 2026

Pennpetro Energy Plc

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

Unaudited Consolidated Interim Results for the six months ended 30 September 2025

Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic traditional and transition energy projects, is pleased to announce its financial results for the six months ended 30 September 2025 (the "Period").

Richard Spinks, Executive Chairman, commented:

The period from 1 April to 30 September 2025 was insightful in terms of the understanding I and my co-directors were able to gain surrounding both current and legacy situations at the Company[1] which led the Company to the position it was in at that time. In short, a highly critical time for the Company and its shareholders; with limited options to continue, lacking revenues, having failed in developing producing assets and being limited in funding options.

This period ended just prior to my appointment to the board of the Company.

RMD was approached in this period by Mr. Lunn, then Chairman at Pennpetro, seeking interim financial support for the business whilst long-term alternatives were sought, to reactivate the Texas assets, which had been effectively abandoned and left to deteriorate by former board directors and by the, then disinterested, US subsidiary management, in Texas.

Due diligence of the Company, its financial position and business activities, severely limited at the time due to a focus on fundraising at both Plc and US subsidiary levels meant that the Company's survival depended on whether RMD, in a position to make funds available in a timely fashion, would do so. This in turn depended on whether I, as RMD Group's representative, could see a viable way forward, and if so in what way those funds could best be used to arrest the Company's decline and turn around the Company's fortunes.

Initial production, producing some revenues, and limited success in Gonzales County, Texas, in the previous year, for a few months, had ceased due to failure by former management to manage the Company's Texan assets properly. This in turn led to ever increasing barriers to returning what the Company had, in the USA, to economically viable production, over time.

Post-period of these accounts, under my instruction as Executive Chairman, an internal review of the Company's activities in the USA both past and present was completed. Taking place through January and February 2026 and culminating in a report providing clarity as to the options the Company has, potentially, to bring the impaired Texas assets back to productivity and onto the balance sheet of the Company with clarity and control restored.

Rather than assisting in this process, those associated with the business, within whose gift it was to expedite the review and best positioned to provide background, facts, documentation and knowledge of the Company's activities in the United States, instead chose to obfuscate and delay access to the same. This made it more difficult to produce in a timely manner the most recently published audited accounts, resulting in delays, and for the board to make informed decisions on what was best for the Company and shareholders going forward.

Furthermore, it meant that Mavriky, unable to rely on support from our own people, physically needed to fly to and spend time in Texas, to speak directly with stakeholders, counterparties, lease owners, creditors, bankers and former employees and management of the Pennpetro US subsidiary companies, in an attempt to piece together, from scratch, fragments of information gleaned, one by one; that should have been readily available to him, immediately.

Until this information was collected and reassembled, the board took the difficult decision to impair the Company's assets in Texas until reliable information allowed the board to give warranties surrounding these balance sheet items enabling the board of the Company to decide the best approach based on the legal, economic and technical potential of the same.

That process has now been completed, and the board is ready to act on its findings.

Regarding the impaired assets in Texas, bearing in mind the current geopolitical situation globally and the need for the Company to develop into a profitable, cash generative business, the board have taken the decision, provided that the necessary administrative and protective processes can be completed, to restart production of one of the 4 wells in Texas, being Chalk Talk 1H resulting in short term revenue for the Company.

This may result in a partial or full reversal of the impairment loss for this asset as reported in prior periods, subject to an assessment to be made at balance sheet date.

Mavriky anticipates, subject to any time required for re-negotiation of the lease which was allowed to lapse by former management, that work could potentially begin within a matter of weeks from the date of this announcement, with production able to start very quickly thereafter.

Funding to return this well to production has been agreed with RMD Group, to enable the Company to unimpair that well, bring it back into production using improved technical approach and management best practices. From there Company management will address the other three impaired wells, assessing their potential and making decisions on their futures.

Looking ahead, and to avoid creating confusion by this statement, the Company continues to advance due diligence on a number of strategic opportunities including in certain locations in the USA and Alberta, Canada, in order to ensure that only solid and well diligenced opportunities able to provide geographical diversification and risk-mitigation in the Company's future operations, which will likely be provided in the first instance by the western Ukrainian Limnytskyi License, which the Company continues to develop as a target for acquisition and intends to inform fully shareholders on before asking the Company's members to vote.

A prospectus is in the late stages of drafting and work on the ground in Ukraine continues to take place to allow for the first re-entry to be achieved in this calendar year, in order that no time is lost whilst the Company's involvement is developed in parallel. Further opportunities are being evaluated by Mavriky and once deemed ready for consideration, the board will be informed and more detailed information will be made available to the market, as appropriate.

The publication of these interim accounts is a significant milestone for the Company. Today, following a long suspension, being fully compliant in its statutory filings, with the Company having identified past shortcomings and taken action to ensure that this not be allowed to happen again through implementation of significantly enhanced corporate governance.

The board will, as requested repeatedly by our shareholders, apply for re-admission to trading on the exchange, once outstanding Compliance and Governance issues, of which there were many, and today remain few, are completely resolved. The reversal of the impairment of the first well in Texas being a significant step towards creating a viable operational business.

We will be holding an Annual General Meeting on, 6th May 2026, at which shareholders will be asked vote on the approval of the 2024/25 audited accounts and the appointment of certain directors to the board of Pennpetro Energy Plc, among other resolutions. This will be announced shortly and provide more necessary detail.

We are grateful for the patience and support shown by shareholders and remain focused on returning Pennpetro Energy Plc to trading, building value and returning value to you all.

Financial Highlights

In the six months ended 30 September 2025, the Company made an operating loss of US $383K (30 September 2024: US $733K) and a basic and diluted loss per share of US $0.34 (30 September 2024: US $0.71).

For further information please visit the Company's website www.pennpetroenergy.co.uk or follow us on twitter @pennpetro or contact:

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.