REG - Pennpetro Energy PLC - Globalvision Drilling Contractor Texas Oil Wells

Pennpetro EnergyAnnouncement

22/07/2024 07:00

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RNS Number : 1841X  Pennpetro Energy PLC  22 July 2024

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Globalvision Books Drilling Contractor for Texas Oil Wells

London, 22 July 2024 - Pennpetro Energy PLC (LSE: PPP), advises that Huston
Texas based drilling contractor, J&J Drilling International LLC, have now
been engaged by Globalvision International U. LDA ("Globalvision") to start in
early August to work on the oil wells in Gonzales County, Texas.

Pennpetro announced on 17 July that it had signed a Heads of Terms ("HOT")
with Globalvision International U. LDA ("Globalvision"), whereby it plans to
buy all of the shares in Pennpetro's subsidiary in Texas Nobel USA Inc
("Nobel") in exchange for a life of asset currently estimated at around 30
years oil sales revenues through a 12.5% Overriding Royalty Interest ("ORI")
on the Texan oil wells  - City of Gonzales #1 well, Chalk Talk #1 well,
Chalk Talk #4 well and Whistling Straits #5 well in Gonzales and a 10% profit
share on any other wells drilled or developed within PPP's 2,036 acres in
Texas.

Refer to previous Pennpetro RNS for further details of the Globalvision
transaction for Pennpetro's Texas operations and estimates for time for
closing of this transaction.

Tom Evans, Pennpetro Energy's CEO said:

 

"As previously announced, both parties are working well together to complete
all of the documentation required to close this important transaction for
Pennpetro by month's end and I'm very pleased to inform shareholders that
Globalvision have informed me that that they have now booked their drilling
contractor for the Texas oil production operations. J&J Drilling
International are scheduled to mobilise to site in the early part of August. I
look forward to providing numerous updates to shareholders as we move to close
this important transaction for the Company and from the operations as they
progress."

 

 -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

 

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