REG - Pennpetro Energy PLC - Hydrocarbon Shows in Whispering Straits 5H well

Pennpetro EnergyAnnouncement

11/04/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230411:nRSK7825Va&default-theme=true

RNS Number : 7825V  Pennpetro Energy PLC  11 April 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Hydrocarbon Shows in Whispering Straits 5H well -Texas Oil

 

London, 11 April 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil
and gas company focusing on production and development in Gonzales County,
Texas, USA, is pleased to advise that hydrocarbon shows (oil and gas) are
being logged in the Whistling Straits 5H well, which is currently being
drilled in the Peach Creek Oil Field, Gonzales County, Texas.

 

The planned well has a 12,760 feet total measured depth ("MD") with a 7,545
feet true vertical depth ("TVD") horizontal well, which includes the well
ending in a 4,800-feet lateral within the Austin Chalk target interval. As at
the latest report from the drill site at 6pm Texas time on 10 April (midnight
UK time on 11 April), the well was at 9,682 feet MD and drilling on. Drilling
rates in the past 24 hours have been excellent at around 1,300 feet per day
and drilling continues towards the well's ultimate planned total measured
depth of 12,760 feet.

 

Oil shows have been seen on the rig's skimmer tanks from 8,120 feet over
numerous extended intervals. Gas flares are registering between 129-226 units
of gas including C1 through to C4.

 

The Whistling Straits 5H well is the first well to be drilled under its
recently signed Participation, Development and Option Agreement between
Pennpetro's 100% owned subsidiary, Nobel Petroleum USA Inc, and Millennium
PetroCapital Corporation ("Millennium"), within the 250,000-acre (1,011 km(2))
Area of Mutual Interest ("AMI") petroleum joint venture in Gonzales County,
Texas.

 

Tom Evans, Pennpetro's CEO, commented: "It's very pleasing to see that oil and
gas shows can be seen in the drilling of this and over extended distances
along the beginning of the 4,800 feet planned lateral through the Austin
Chalk. The team on site have taken their time to correctly achieve the
necessary curvature of the well from the vertical and have achieved
outstanding rig performance with establishing the sidetrack on the right
trajectory on such a tight side-track window. I look forward to updating
shareholders in the coming days as we progress towards reaching total depth
and completion."

 

Andy Clifford, Nobel's President, added: "The drilling crew on the Wisco Moran
Rig 16 and the Millennium site management have done an excellent drilling job
to date with their precision placing of the side-track. This side-track had
extremely tight tolerances for drill trajectory in order to hit our target
zones and the trajectory of the drill bit path has been spot on landing at +/-
10 feet from target at the 9,300 feet MD mark."

 

The Gonzales County 250,000-acre (1,011 km(2)) AMI is located about 290 miles
(466 kilometres) due west of Houston and will provide PPP's Nobel with a large
inventory of low-risk development options in a world class oilfield.

 

Nobel is paying 33.33% of the cost to drill and complete this joint
development well connected to the storage tanks for a net 25% working interest
(18.75% net revenue interest) as well as a prospect fee which covers sunk
costs relating to leasing, land, legal, 3D seismic licensing, geological and
geophysical analysis.

 

 

-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.

 

ENQUIRIES:

 

 Pennpetro Energy PLC:

 Tom Evans, CEO                                                                                                   tme@pennpetroenergy.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
 Media and Investor Relations:

 Instinctif
 Partners

                                                                                                                pennpetro@instinctif.com
 Galyna Kulachek

                                                                                                                +44 (0) 20 7457 2020
 Isadora Pegler

 

 

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 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.

 

Further information on the Company can be found at www.pennpetroenergy.co.uk

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCKZGMDKMRGFZG