REG - Pennpetro Energy PLC - Chalk Talk 1H Well Texas Production Update

Pennpetro EnergyAnnouncement

14/11/2023 07:15

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RNS Number : 3007T  Pennpetro Energy PLC  14 November 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Pennpetro Announces Oil Production Update on Chalk Talk 1H Well

Highlights:

 

·      First full week of test production from Chalk Talk #1H well sees
consistent oil production.

·      Oil production of 794 barrels for the week or 113 barrels of oil
per day average.

·      Workover rig for PPP's Chalk Talk #4H well still on track for
early December.

·      Transport and oil sales agreement signed that sees PPP being paid
on the 20(th) day after the end of every month.

 

London, 14 November 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil
and gas company focusing on development and production in the Peach Creek
(Austin Chalk) Oil Field in Gonzales County, Texas, USA, advises that the
Company's 100% Chalk Talk #1H ("CT1H") well has completed its first full week
of test production, since the workover rig demobilized from the well site and
the sites were fully commissioned, with a total of 794 barrels of 33 API oil
for an average of 113 barrels of oil per day ("bopd").

 

Current production levels are significantly above the well's July 2022 shut in
rate of around 15-20 bopd. This increase can be put down to the workover rig
successfully cleaning out a number of bridge plugs (or blockages) below the
bottom of the casing.

 

Tom Evans, Pennpetro Energy's CEO said:

 

"Our Chalk Talk 1H well in Texas is continuing to perform very well and shows
excellent flow rates with last week's test production averaging 113 barrels of
oil per day."

 

"Our US Nobel Petroleum Team have also managed to secure a transport and sales
contract that will see oil sold from our Whistling Straits oil facilities paid
for on the 20(th) day after the end of every month."

 

"The workover rig is still due to arrive at PPP's 100% owned Chalk Talk #4H
well in early December and we look forward to having two wells feeding into
the Whistling Straits facilities by year end."

 

Qualified Person's Statement:

Deane Pierce, Nobel's Executive Vice President Engineering, who has 45 years
of relevant experience in the global oil industry, has approved the
information contained in this announcement. Mr. Pierce graduated with a BS
Mechanical Engineering from Texas Tech University, has an MBA Finance from
Dallas Baptist University and is a Registered Petroleum Engineer #56733. Mr.
Pierce also has numerous industry publications dealing with drilling and
production optimization with an emphasis on horizontal completion and inflow
control.

-ENDS-

 

This announcement contains inside information within the meaning of Article
7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the
Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and
(ii) the EU Market Abuse Regulation as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

For further information visit www.pennpetroenergy.co.uk
(http://www.pennpetroenergy.co.uk) or follow us on twitter @pennpetro or
contact:

 

 Pennpetro Energy PLC:

 Tom Evans, CEO                                                                                                   tme@pennpetroenergy.com (mailto:tme@pennpetroenergy.com)

 David Lenigas, Chairman                                                                                          +44 (0) 7881825378

                                                                                                                  lenigas@monaco-capital.com

 Brokers:                                                                                                         +44 (0) 207 614 5900

 Zeus Capital

 Simon Johnson

 Peterhouse Capital Limited

 Lucy                                                                                                             +44 (0) 20 7469 0930
 Williams

                                                                                                                +44 (0) 20 7220 9797
 Duncan Vasey

                                                                                                                +44(0) 207 129 1474
 Flagstaff Strategic and Investor Communications

                                                                                                                pennpetro@flagstaffcomms.com
 Tim Thompson

 Alison Allfrey

 Anna
 Probert

 

 

 

NOTES TO EDITORS:

 

Pennpetro Energy is an independent oil and gas company focusing on production
in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted
to the Official List of the London Stock Exchange by way of a Standard Listing
on 21 December 2017 with the ticker symbol "PPP".

 

Its wholly owned subsidiary, Nobel Petroleum USA Inc. has a 100% Working
Interest in 2,036.38 acres in Gonzales County in Texas. These acres include
the Whistling Straits #5 well and the Chalk Talk #1H and #4H wells. Noble also
has a Participation, Development and Option Agreement and Joint Operating
Agreement with Texas based Millennium PetroCapital Corporation over a
250,000-acre Area of Mutual Interest in Gonzales County, Texas, aimed at
exploiting the prolific proven Austin Chalk oil and gas play. Pennpetro Energy
has also recently signed a conditional binding agreement to conduct a new 3D
seismic survey on the Horse Hill Oil Field near London's Gatwick Airport which
paves the way to drilling the next production well (HH-3) for 49% of the
revenue of this proposed well.

 

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