Update on Audit for 2024/25 accounts

Pennpetro Energy plc, the company focused on developing strategic traditional and transition energy projects, notes that it has received an update regarding the timeline from the Company's auditors relating to the 2024/25 accounts and interim statement for 2025/26.

The auditors are due to complete their remaining procedures by the end of this week, 20th February 2025 as previously announced.

However, the Company believes that in order for it to satisfy the regulatory authorities to the fullest extent we should take the extra time to be sure and certain of the quality and integrity of the accounts. Therefore the Company is comfortable with Crowe taking a further week to fully satisfying the integrity of the audit, corporate governance aspect, and expect Crowe to issue their auditor's report by 27 February 2026.

From this point the Board of Pennpetro will review and publish the audited 2024/25 accounts, and understand from Crowe that the interim accounts for the period 2025/26 will follow very shortly afterwards, at this point the Company will request to return to trading on the London Stock Exchange.

Richard Spinks, Executive Chairman added: "We continue to work with the Company's auditors to ensure we can publish the final set of overdue accounts as soon as possible, and then the interim accounts for 2025/26 very shortly after that. Our auditors would like additional time to ensure the audit process is fully compliant and we are comfortable with this. At the point we, as the Board of Directors, are happy with the accounts we will publish the 2024/25 audited accounts, interims, and then request to trading on the London Stock Exchange."