NAMIBIA: Pancontinental Energy First Renewal Exploration Period for PEL 87 Ends

Pancontinental Energy has provided an update in relation to its PEL 87 project, offshore Namibia following the submission an application to the Namibian Ministry of Industry, Mines and Energy (MIME) on 6 October 2025 for a 12 month extension to the PEL 87 First Renewal Exploration Period.

The Company says it has thus far received no formal notification from MIME, nor a request for additional
information, and notes that at present the First Renewal Exploration Period ended on 22 January 2026.

Pancontinental Energy says that since neither the Namibian Petroleum Act nor the PEL 87 Petroleum Agreement contemplate this that in the case of an exploration license renewal application, under the Petroleum Act a license does not expire while MIME continues to consider the
application.
The Company adds that it is liaisin with MIME and will provide a further announcement as soon as formal
notification is received.