REG - Pennpetro Energy PLC - Whistling Straits 5H Well Completion Update

Pennpetro EnergyAnnouncement

14/04/2023 07:00

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RNS Number : 1919W  Pennpetro Energy PLC  14 April 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Texas - Whistling Straits 5H Well Completion Update

 

London, 14 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 the drill rig has now set the packer in
the 7-inch casing at 7,483 feet measured depth (MD) in the Whistling Straits
5H well in the Peach Creek Oil Field, Gonzales County, Texas.

 

The packer has been successfully pressure tested to 1,000 psi, whilst the
Wisco Moran Rig 16 has now been released and the rig is currently being
removed from the well head. On removal of the rig (and its associated
infrastructure) in the coming days, the production storage tanks will then be
installed on site.  The workover rig is scheduled to mobilise to site early
next week to put the well onto pump to initiate testing.

 

The well has been drilled to 10,195 feet MD with a 7,632.22 feet true vertical
depth ("TVD") having reached our target and penetrated the crestal portion of
the microfracture swarm. Following the installation of the onsite production
infrastructure and down hole pumps, 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, 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:                                                                                                         +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

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