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 furtherprocessing 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 highvalue pelletised biofuel, a direct drop-in replacement for coal in residential, and industrial heat andpower 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 fibrewith operations in Canada and the European Union.
- ICENERGY is a trading business. First retail production and revenue is anticipated in October 2026from a contracted production facility in the USA, with a second plant planned to come online in 2027, inCanada.
- A first larger industrial plant to supply infrastructure clients has been designed and is being planned forAlberta, 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 ppp@camarco.co.uk. 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 Kaluginc/o Camarco
SPARK Advisory Partners Limited — Financial Adviser
Andrew Emmott | James Keeshan+44 (0) 20 3368 3550
Oak Securities — Broker
Jerry Keen, Head of Corporate Broking+44 (0) 20 3973 2678
Camarco — Financial PR
Andrew Turner | Fergus Young+44 (0) 20 3757 4980 | ppp@camarco.co.uk
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