Return of shares to Mr. White

7 April 2026

Pennpetro Energy Plc

("Pennpetro" or the "Company")

Return of shares to Mr. White

Pennpetro Energy plc, the company focused on developing strategic traditional and transition energy projects, confirms that as of today Mr. Jesse White is the registered owner of 6,000,000 shares in the Company.

The Company consistently stated that all and any situations regarding shareholdings, created in the past, regarding shares contributed to the Company which had not been returned to rightful owners, and the purchase of 6,000,000 shares in the Company, by one Mr. White, required resolution and would be resolved.

It was repeatedly made clear, including by Company's legal counsel, and the current Executive Chairman, at the November 2025 AGM that:

"Shares purchased by Mr. White had not been registered to his name due to the transaction being unlawful in the way that it was carried out by the former board of the Company, at the time it was entered into."

Cynics sought to pressure and influence the board to rectify the situation in an equally unlawful fashion, including a letter writing campaign to the regulator, in late 2025. This board refused to handle the situation other than in a fully lawful manner in seeking resolution to this legacy issue.

The Company announces today that this issue is resolved, lawfully, with the cooperation of the original shareholders, and that Mr. White is formally entered into the Register of Members of Pennpetro Energy Plc as holding 6,000,000 shares of Pennpetro Energy Plc stock, correcting the registration of the Company as holder of those shares, which was void ab initio.

The Company expects that Mr. White will make a formal filing in line with his regulatory obligations forthwith.

Richard Spinks, Executive Chairman, said:

 "I am delighted that this matter has been resolved and take this opportunity to repeat that all and any disenfranchised shareholder, those who loaned shares to the Company in its time of need only to be deprived of their rightful position, will have their rightful holdings returned, at the earliest opportunity."

"This new board with assistance from our professional advisors, have resolved, lawfully, the "Jesse White" situation, despite its innate complexity. Sadly, Mr. White chose not to cooperate with the Company in doing so, rather filing a legal claim, whilst others used his situation in a cynical attempt, yet again, to undermine the Company."

"I expect that today's announcement be met with positivity. The Company, without need of any outside persuasion, resolved a situation because it was right, regardless of, not due to any outside pressure."

"For the record, this entire situation should have been completely unnecessary. It was created in the past by incompetent and careless handling of a simple share transaction, creating an arrangement that could never, from the regulatory or legal perspective, have been transacted and concluded."

"All shares rightly owned by those who have lent them to the Company, in the past, will similarly be returned to their rightful owners, and we are working tirelessly to ensure this is the case, beginning with the General Meeting (Resolution 1) at the most recent General Meeting of Shareholders in December. The Company will announce each successful transfer as it is resolved, and in any case at the earliest possible opportunity."

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