REG - Pennpetro Energy PLC - Texas - Whistling Straits 5H Well Testing Begins

Pennpetro EnergyAnnouncement

24/04/2023 07:45

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RNS Number : 1953X  Pennpetro Energy PLC  24 April 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Texas - Whistling Straits 5H Well Testing Begins

London, 24 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 a high-pressure hydraulic tree and
surface oil storage tanks have been installed at the Whistling Straits 5H well
in the Peach Creek Oil Field, Gonzales County in Texas. The pump has been
installed and was started at around 17:30 Houston time last night. A period of
clean-up is expected to recover load water added to the well during the
drilling of the well and the operator plans to bring the well on slowly.

The well was drilled to 10,195 feet MD with a 7,632.22 feet true vertical
depth ("TVD") having reached the target and penetrated the crestal portion of
the microfracture swarm. The well will be produced over an interval of 2,500
feet of open hole within the Austin Chalk.

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. ("Nobel"), and
Millennium PetroCapital Corporation ("Millennium") within the 250,000 acre
(1,011 km2) Area of Mutual Interest ("AMI") petroleum joint venture in
Gonzales County, Texas. The 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:

 Zeus Capital

 Simon Johnson                                                                                                    +44 (0) 207 614 5900

 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

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