REG - Pennpetro Energy PLC - Texas Oil Production Plans Update

Pennpetro EnergyAnnouncement

08/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230908:nRSH7652La&default-theme=true

RNS Number : 7652L  Pennpetro Energy PLC  08 September 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Texas Oil Production Plans Update

London, 8 September 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil
and gas company focusing on production in the Gonzales Oil Field in Texas,
USA, advises that further to its RNS dated 19 July 2023 - "Completion of
transaction to increase interest in oil leases in Gonzales County, Texas", has
now completed the acquisition of the 100% Working Interest in the Chalk Talk
#1, Chalk Talk #3 well (including the Whistling Straits #5H) and Chalk Talk #4
wells from Millennium PetroCapital Corporation and the official records with
the Texas Railroad Commission ("RRC") show that PPP's subsidiary Nobel
Petroleum USA Inc ("Nobel") is now is the legal owner and operator of these
asset.

Tom Evans, Pennpetro Energy's CEO said:

 

"Good news! Our oil development team in Texas have been very busy registering
our 100% interests in these oil wells and preparing for the well workovers to
start. Noble is now finally visible on the Railroad Commission website as
owner / operator of the wells thereby allowing us to formally appoint
contractors to carry out the on-site well works to bring these well back into
oil production.  Our current plans are to start with the workover of the
Chalk Talk #1H well before moving on to flowing oil from Chalk Talk #4H, City
of Gonzales #1 (COG#1) and our Whistling Straits 5H wells. We have a very busy
work program ahead and look forward to updating shareholders in the near
term."

 

-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.

 

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  UPDZDLFBXKLBBBK