Member Info for ZagEgypt

Im sure others received the same info from Tim at Flagstaff, it seems there are no RNS being sent out this morning on LSE so its very much appreciated from my side that a mail was received. Seems Flagstaff aren't the bad guys after all.

2nd part - sorry it didnt fit on to one page

Globalvision International U. LDA

Due to the significantly higher than expected debts of the Company’s US subsidiaries, the Company

has not yet been able to conclude the transaction with Globalvision International U. LDA announced

on 17 July 2024.

2 Please confirm

The board is in discussions on the best way to move forward with the Company’s US subsidiaries, which

may still include a transaction with Globalvision International U. LDA and/or others.

PLEDGED SHARES

Pursuant to historical arrangements announced to shareholders of the Company on 28 March 2023

and 12 July 2023 and subsequent contributions by shareholders of the Company, the Company placed

62,633,333 existing and to be issued ordinary shares of £0.01 in the capital of the Company

("Ordinary Shares") contributed by then existing shareholders, and a lender who was due to be issued

with Ordinary Shares in lieu of a debt owed to them.

The General Meeting is being called to obtain authority to issue these new Ordinary Shares. An

application will be made for admission of the new Ordinary Shares to listing following the Company's

Ordinary Shares return from suspension.

The Company is fully aware that it will need to publish a prospectus to cover these new Ordinary

Shares before such an application can be made for their admission to listing.

Until these new Ordinary Shares are issued, the Company has a debt obligation to the contributing

shareholders/lender, and it is currently in default of its contractual obligations to them.

GEM

As announced on 21 May 2025, the Company “has agreed to enter into a Convertible Loan Note

Facility with GEM Global Yield LLC SCS” having signed a term sheet with GEM.

Concurrently with entering into the Convertible Loan Note Facility, GEM is being awarded 80,000,000

warrants, exercisable at 4p each for a term of 5 years. The Convertible Loan Note Facility has not been

entered into yet and therefore the warrants have not been issued to GEM.

Given the issues identified above, and having obtained a term sheet from another investor, the board

of directors considered that GEM was offering the best terms the Company was able to receive, and

as announced, it provides the Company with funds “to finalise the audit for the FY 2024, effect the retrading of its shares on the London Stock Exchange and to fund possible growth opportunities”, and as

part of the term sheet GEM agreed to “reinstating the prior £20,000,000 SSF”.

The board considers that this provides the Company with the short, medium and longer term finance

it needs to deliver value to its shareholders.

("Pennpetro" or the "Company")

20th June 2025

Company Update

AUDIT

As a result of the commitment from GEM Global LLC SCS (“GEM”) referred to below, the board of

directors of the Company have now been able to provide Crowe U.K. LLP, the Company’s auditors, with

a going concern memorandum.

As a result of this the auditors are in the final review process which is expected to be completed shortly.

Once the audited accountsfor the year ending 31 March 2024 have been signed off by Crowe U.K. LLP,

the Company will be looking to hold the Annual General Meeting, which includes seeking approval of

the audited accounts.

It is worth noting that part of the reason for the delay in producing the audited accounts was due to

the lack of records by the Company.

HOUSEKEEPING

In addition to finalising the annual accounts, the board of directors of the Company have been working

hard to address issues that pre-date the appointment of Stephen Lunn and Robert Menzel as directors

of the Company.

These include:

a. A judgement for approximately £500,000 including costs against the Company was obtained

earlier in 2024. The Company negotiated a settlement which we announced on 20 December

2024;

b. Despite the outstanding judgement, former directors paid themselves significant sums in

preference to this creditor;

c. The debt in the Company’s US subsidiaries was over US$600,000 against the previously disclosed

U$300,000 (this was announced on 16 January 2025). The new directors have been able to

renegotiate some of this debt; and

d. The pledged shares (please see below).

I was sent it via flagstaff

That is very true Ssccss

Ah, do you choose to believe Lunn when he wrote that but no other time

Ssccss

They did RNS it last July, is it still alive that is the question we need to know.

Explain Rob, if its no why wouldn't it come back?

At some point soon if this doesn't come back there is a strong possibility of being delisted permanently, 12 months is close and it's a joke.

If they were smart they would have brought this out of suspension and then done this GM as not as many people would have cared.

They messed up again

Spodulike

You still think news is coming before the GM?

Nu

I will mark this down as one of many many possible scenarios that could happen.

For me the one Delta noted yesterday seems to be the most plausible at the moment.

Let's see where the votes take us, if it gets that far as they will know the vote count before the GM

I think we all now agree that there will be no news now before the meeting.

very true delta, seems emotions and bs are rampant, i'm as ****ed as anyone but accusations such as the ones earlier written don't belong here.

Bdinvestor

Probably as I have alot of them on filter so I can't really comment on them

I'm done.

Vote no and see what happens next, but we know it won't be an investigation.

Resolution 2 (b)

b) the allotment of equity securities (otherwise than pursuant to sub

paragraph (a) above) up to an aggregate nominal amount of £626,333;

and provided that this power shall expire on the commencement of

the next Annual General Meeting of the Company or 30 September

2025, whichever is earlier to occur (unless renewed, varied or revoked

by the Company prior to or on that date) save that the Company may,

before such expiry, make offer(s) or agreement(s) which would or

might require equity securities to be allotted after such expiry and the

Directors may allot equity securities in pursuance of any such offers

or agreements notwithstanding that the power conferred by this

resolution has expired

Wayne

If you believe that people on these boards are not influenced by posters who sell a dream of riches easily obtained then more fool you.

Rampers, traders all jump in and when they make their money they exit.

That is a fact.

Res 1 Approx 55 mil needed for yes.

Res 2 Approx 82 mil needed for yes.

Are the BOD comfortable that they can achieve those numbers( I don't know)

IanB

At present it's closer to 1p than closer to 1.5 or 2p. 2p is thrown around as multiple people believe it deserves to be at least this price, there is a reason why it jumped and then fell back down to earth. Ramping got way out of hand on here and investors got suckered in(again).

I would expect with amazing results it will see 2p and with a brilliant go forward outlook an even stronger number towards the end of 2025.

Time will tell

Affrrm

No point asking me I don't know the man, everyone assumed it was a good move but now a pointless one as he hasn't achieved a single thing since joining.

Ask your mates in TG that question