Confirmation of Reverse Takeover Target

Pennpetro Energy PLC

15 September 2026

 

15 September 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Confirmation of Reverse Takeover Target — Indigenous Canadian Energy Holdings Inc. ("ICENERGY")

Pennpetro Energy plc (LSE: PPP) announces that the Board has resolved to pursue a Reverse Takeover

("RTO") of Indigenous Canadian Energy Holdings Inc. ("ICENERGY"), a Canadian transition energy business.

Change of Reverse Takeover Target

In light of the continuing conflict in Ukraine, the Board has decided to change the Company’s acquisition

strategy. The Board is of the view that reaching a satisfactory conclusion on due diligence, valuation and

funding poses too many challenges as a public company at this time. RMD, the private vehicle which has

provided funding to Pennpetro and which has paid for the ongoing work on a Competent Person’s Report on

Limnytska, will continue with its interest in exploring this opportunity, separate from Pennpetro.

Reverse Takeover Target — Indigenous Canadian Energy Holdings Inc. ("ICENERGY")

Overview of opportunity

• The RTO target becomes ICENERGY, a Canadian business operating in Steam Enhanced Black Pellet  (steam-explosion process) and heat treatment of lignocellulosic fibre as a precursor to further  processing into a variety of biofuels and biochemical products.
• The current focus of ICENERGY is the conversion of low-quality waste wood fibre material into a high  value pelletised biofuel, a direct drop-in replacement for coal in residential, and industrial heat and  power generation markets.
• No living tree is touched at any point in ICENERGY’s supply chain.
• ICENERGY has fourteen years of research and development in the thermal treatment of fibre and lignocellulosic biomass, focused on wildfire-damaged standing dead timber and harvest residual fibre  with operations in Canada and the European Union.
• ICENERGY is a trading business. First retail production and revenue is anticipated in October 2026  from a contracted production facility in the USA, with a second plant planned to come online in 2027, in  Canada.
• A first larger industrial plant to supply infrastructure clients has been designed and is being planned for  Alberta, Canada, close to abundant, low-cost feedstock, designed to produce approx. 400,000 t/annum for specific industrial offtakers.
• ICENERGY is also engaged in the development of a range of biochemical by-products.
• The Transaction would require the Company to produce a prospectus which will be presented to shareholders to seek their support.

The proposed acquisition of ICENERGY remains subject to the agreement of terms, due diligence, funding, the

publication of a prospectus approved by the FCA and shareholder approval. At this stage, there can be no

certainty if and when a transaction will proceed.

Indigenous Canadian Energy Holdings Inc. is registered and headquartered on reserve at Westbank First

Nation, British Columbia, Canada. It continues a business co-founded in 2012 by Grand Chief Ronald M.

Derrickson, one of the most successful Indigenous businessmen in Canada, and Richard Spinks, who are also

the main shareholders in Indigenous Canadian Energy Holdings Inc. Accordingly, any transaction will be treated

as a related party transaction and any final decision will be taken by the independent directors.

Shareholder calls

Ahead of the Annual General Meeting on 30 September, the Company will host two shareholder calls with

management on Wednesday 16 September 2026 and Thursday 24 September 2026 at 18.30 UK time,

comprising a presentation followed by live questions. To register, please email [e-mail]. The

presentation and a recording of the call will be made available on the Company’s website.

Richard Spinks, Executive Co-Chairman of Pennpetro Energy Plc, said: "The Board has taken this decision with the best interests of shareholders at its core. ICENERGY represents a well-developed opportunity that has been progressed alongside the Ukrainian oil and gas target. The Company will now conduct further due diligence and develop a prospectus ahead of a General Meeting. But given the longstanding suspension, we feel that shareholders are entitled to know the direction the Board wishes to take the Company, before they vote at the upcoming Annual General Meeting, not after."

ENDS

For further information, please contact:

Enquiries

Pennpetro Energy Plc

Richard Spinks | Mavriky Kalugin   c/o Camarco

SPARK Advisory Partners Limited — Financial Adviser

Andrew Emmott | James Keeshan   [phone]

Oak Securities — Broker

Jerry Keen, Head of Corporate Broking   [phone]

Camarco — Financial PR

Andrew Turner | Fergus Young   [phone] | [e-mail]

 

END