PENNPETRO ENERGY PLC

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  Material uncertainty over going concern

  Whilst the Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, the current conditions do indicate the existence of a material uncertainty that may cast significant doubt regarding the applicability of the going concern assumption. The financial statements do not include adjustments that would arise in the event of the Group and Company not being able to continue as a going concern.

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  Audit opinion: Disclaimer of opinion

  Latest auditor's report carried a non-clean opinion.

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  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Crowe U.K. LLP

Audit opinion

Disclaimer of opinion

Going concern

Material uncertainty disclosed

“Whilst the Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, the current conditions do indicate the existence of a material uncertainty that may cast significant doubt regarding the applicability of the going concern assumption. The financial statements do not include adjustments that would arise in the event of the Group and Company not being able to continue as a going concern.”

Group structure

1. PENNPETRO ENERGY PLC · parent
   1. Pennpetro USA Corp 100% · USA · Oil and Gas
   2. Nobel Petroleum USA Inc. 100% · USA · Oil and Gas
   3. Nobel Petroleum LLC 100% · USA · Oil and Gas
   4. Pennpetro Greentec UK Limited 100% · UK · Dormant
   5. Pennpetro Green Energy Limited 100% · UK · Dormant
   6. Pennpetro Greentec Limited 100% · Cyprus · IP Holding

Significant events

• “On 30 June 2025, the Frost Bank Loan Note was settled in full. Upon settlement, the security previously granted was released.”
• “On 20 August 2025, Petroquest Energy Limited issued a Corporate Undertaking within which the majority of the Petroquest loan note would be written off and its security over assets held in Nobel Petroleum LLC be released. The balance of the loan will be converted into a 50% stake in Pennpetro USA Corp.”
• “On 24 September 2025, the Company entered into an unsecured convertible loan note agreement with RMD Holdings Ltd to provide the Company with £250,000 for working capital requirements. Interest shall be payable at 6% per annum and will accrue daily.”
• “On 13 October 2025, the Company entered into a Heads of Agreement relating to a transaction over the Limnytskyi Oil and Gas Exploration License.”
• “On 28 January 2026, the Company entered into a further secured convertible loan note agreement with RMD Holdings Ltd to provide the Company with an additional £250,000 for working capital requirements. Interest shall be payable at 12% per annum and will accrue daily.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

15

last 12 months

Capital events

2

last 24 months

Officers appointed

4

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.