CEO Kalugin In Situ Audit of Assets; Texas

29 January 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

CEO Kalugin In Situ Audit of Assets; Texas

Pennpetro Energy plc (LSE: PPP), the company focused on developing strategic traditional and transition energy projects, confirms that Chief Executive Officer, Mavriky Kalugin, will be 'boots on the ground' in Gonzales County and other relevant locations, in Texas beginning the week of 2nd February, 2026.

Board members and Shareholders of the Company will be reassured to hear that Mavriky will be in country to undertake a detailed assessment of the Company's subsidiaries, structures, assets and licenses, including both current and legacy status of the Impaired Assets from the legal, regulatory, financial and if any opportunity exists, operational perspectives.

Mavriky will be spending up to two weeks 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.

Upon his return Mavriky will present this 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.

Richard Spinks, Executive Chairman of Pennpetro Energy, said: "I would like to thank Mavriky, who is so busy running due diligence on far more substantial opportunities at PPP, for travelling to Texas and spending a period of time there, with the goal of finally understanding the status of the Pennpetro US assets.

"Our Shareholders have made it very clear to this board that It is vitally important that we clearly and accurately report back on the status of the legacy Texas assets, in a timely fashion, something we cannot agree more with.

"It is greatly disappointing that the previous management of this Company was unable or unwilling to provide this level of detail throughout the past two audit processes for the Company and that PPP, rightly, was forced due to this blocking behaviour to impair fully the United States Pennpetro assets for good Corporate Governance.

"This process is the only way that Shareholders, the Board and Company management will be able to fully move past these legacy issues with confidence that we are not leaving any potential value behind."

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