Operatic location lacking character in the end - making amends (8)

I believe the answer is:
pennants
'operatic location lacking' is the definition.
I can't tell whether this definition defines the answer.
'character in the end making amends' is the wordplay.
I cannot really see how this works, but
'character' could be 'pe' (pe is a kind of character) and 'pe' is present in the answer.
'the' could be 't' (the is pronounced as a 't' sound in some dialects) and 't' is found within the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for pennants that I've seen before include "Long flags, streamers" , "Long, tapering flags" , "Long narrow flags" , "Standards" , "(Championship, signalling) flags" .)
