Pennpetro Energy Plans Reverse Takeover of Canadian Transition Energy Business

12:50 AM EDT, 10/19/2026 (MT Newswires) -- Pennpetro Energy (PPP.L) signed non-binding heads of agreement with Indigenous Canadian Energy Holdings for the planned purchase of the entire issued share capital of the Canadian transition energy business. The London-listed oil, gas and renewables developer will issue its new ordinary shares to shareholders of the target company, such that they own at least 90% of Pennpetro after completion of the reverse takeover, according to an Oct. 16 release. Subject to regulatory and shareholder approvals, the reverse takeover will be followed by the re-admission of the enlarged group's ordinary shares to the commercial companies category of the official list and to trading on the London stock exchange's main market. Pennpetro's existing listing in the transition category would be canceled, with a potential change in the company's name and ticker. The transaction's long-stop date is March 31, 2027. Indigenous Canadian Energy, or ICENERGY, is initially scheduled to deliver pelletized biofuel, converted from low-quality waste wood fiber, to residential and industrial heat and power generation markets in Poland in December 2026.