RCS - Pennpetro Energy PLC - Company update

Pennpetro EnergyAnnouncement

11/02/2026 14:45

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RNS Number : 6448S  Pennpetro Energy PLC  11 February 2026

11 February 2026

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Pennpetro Energy Plc

("Pennpetro" or the "Company")

Company update

Pennpetro Energy plc, the company focused on developing strategic traditional
and transition energy projects, outlines an update following a shareholder
call on the 10(th) February.

Update on audit of 24/25 accounts

As previously announced the Company's auditors have confirmed to the Company
the anticipated  completion of the audit for 2024/25 accounts by the
20(th) February 2026. At this point the Company will review the audit and
will then be in a position to publish the accounts, and call the relevant
Annual General Meeting.

Timeline for requesting a return to trading

Following the publication of the accounts for 2024/25 along with a series of
other steps required by the Company, a request will be made to the London
Stock Exchange for PPP shares to return to trading on the Exchange. At the
point of application, the Company will publish an updated timeline to give
shareholders a better understanding of the actions required and potential
timelines. Should the Company progress with the proposed Reverse Take Over
(RTO) as previously announced, this may preclude the Company from returning to
trading until the RTO process concludes.

Mavriky Kalugin's report

Chief Executive Officer, Mavriky Kalugin, travelled to Gonzales County and
other relevant locations, in Texas. Mavriky returns this week, from visiting
Gonzales County, and specifically, the locations of the Company's currently
impaired Texas assets, gathering concrete information as to the status,
condition, accessibility, of each lease and any equipment or assets that the
Company may still have a right to, as well as any further issues associated
with them.

 

Mavriky has also been collating information surrounding the subsidiary Company
structures, banking and other relevant information. This will assist in future
the auditors and avoid delays which have been created to publishing of
accounts in the past due to difficulties obtaining clear detailed information
from the Company's US subsidiaries.

 

Upon his return Mavriky will present this management report to the Pennpetro
Board, and this will be the basis for a report which will be published for
distribution to shareholders in due course.

 

Letter from FCA

As confirmed on the shareholder call on 10(th) February, the Company has
received a further communication, request for information, from the Financial
Conduct Authority (FCA) requesting further information relating to the actions
of the Company, predominantly dealing with questions from before the current
Chairman, CEO and non-executive director of Compliance were in place. Whilst
the full contents of the letter are confidential and not appropriate for
sharing, I do think the excerpt below should give shareholders comfort. The
FCA under this management team can count on full compliance of the Company
with the FCA's preliminaty enquiry:

"Please note that this is a voluntary request, and the Company is not under
formal investigation by the FCA in relation to the matters set out in this
letter. Rather, we are performing a preliminary enquiry to establish whether
there is a basis for the FCA to investigate. Once our preliminary enquiry
closes or we decide to formally investigate, we will notify the Company."

Future shareholder calls

The Company has been committed to enhancing the level of shareholder
communication, following a series of shareholder calls. The next call will
only be scheduled upon receipt of the audited accounts for 24/25 at which
point further clarity can be shared in a meaningful way.

A link to the shareholder call from 10(th) February is available:
https://soundcloud.com/andrew-turner-572164175/ppp-shareholder-call-100226?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing&si=cd2786f34618439487c2a472adb8119e
(https://soundcloud.com/andrew-turner-572164175/ppp-shareholder-call-100226?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing&si=cd2786f34618439487c2a472adb8119e)

Richard Spinks, Executive Chairman added: "I would like to express my shared
disappointment with, and echo the thoughts of, those shareholders who have
contacted me since the call last night. As you know I have been fully focused
on returning the Company to trading at the soonest opportunity, despite
co-ordinated efforts by others to obstruct this process. I hope this update
can give clarity and confidence that we are working towards returning to
trading and a brighter future for the Company. We will always deliver news and
updates in a timely manner, regardless of whether that news is positive."

For further information, contact:

 Pennpetro Energy Plc                    c/o Camarco

 Richard Spinks                          +44 (0) 20 3757 4980
 Capital Plus Partners Limited - Broker  +44 (0) 20 7432 0501

 Jon Critchley
 Camarco - Financial PR                  +44 (0) 20 3757 4980

 Andrew Turner | Fergus Young            ppp@camarco.co.uk (mailto:ppp@camarco.co.uk)

 

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