REG - Pennpetro Energy PLC - Excellent Oil Production Statistics in Texas

Pennpetro EnergyAnnouncement

04/12/2023 07:00

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RNS Number : 4823V  Pennpetro Energy PLC  04 December 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Excellent Oil Production Statistics for First Full Month in Texas

Highlights:

 

·      Well testing of PPP's Chalk Talk #1H well in Texas commenced on 1
November 2023.

·      4,827 barrels produced for month of November.

·      Average daily oil production for November was 161 barrels of oil
per day (bopd)

·      4,468 barrels of oil sold for the month.

·      Extended well testing continues to optimise oil production.

·      Workover rig for PPP's second well (Chalk Talk #4H) scheduled to
arrive 14 December.

 

London, 4 December 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, is pleased to provide
the statistics for the first full month of oil production from the Company's
100% Chalk Talk #1H ("CT1H") well.

 

Since testing began on 1 November, the CT1H well has produced 4,827 barrels of
oil at an average of 161 bopd, including 2 days of no production and including
down-time periods for site and pump works. Optimisation work on the well's
flow rates continues.  The well is seeing increased levels of gas with the
oil and on some days, the well has produced extended days of production above
300 bopd with peak daily production reaching 410 bopd.

 

Oil sales for the month of November totaled 4,468 barrels. Pennpetro has an
oil sales agreement in place that will see the oil it sells for the month of
November paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20
December.

 

Nobel Petroleum, the Company's 100% operating subsidiary in Texas, is now
preparing for the arrival of the workover rig on or around the 14 December for
the workover on its Chalk Talk #4H well.

 

 

Tom Evans, Pennpetro Energy's CEO said:

 

"These are brilliant results for our first full month of oil production from
our CT1H well in Texas, and pleasingly exceeds our original estimates of circa
20 barrels per day. We have seen some days reach oil production rates up to
410 bopd, and we are still waiting for the well to settle into stable
production. We are still seeing a generally increasing trend in our daily oil
production, which is certainly highly encouraging, and it may take us another
month or so to see the well finally settle down to a steady state flow rate.
We are also very active in preparing for the arrival of the workover rig to
start work on our second well, Chalk Talk #4H, in the middle of this month. We
are fortunate enough to have booked the same workover rig and rig crew who did
the workover on our CT1H well."

 

-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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