Pennpetro Energy Changes Reverse Takeover Target

01:21 AM EDT, 09/16/2026 (MT Newswires) -- Pennpetro Energy (PPP.L) said Wednesday it will pursue a reverse takeover of Indigenous Canadian Energy Holdings as it changes its acquisition strategy. The proposed acquisition of the Canadian transition energy business is subject to due diligence, funding, a shareholder-approved prospectus, and regulatory clearance. It will be classified as a related party transaction, with the final decision from Pennpetro's independent directors. The energy projects developer cited the continuing conflict in Ukraine as a key factor behind the board's decision to abandon its previous acquisition plan.