Pennpetro Energy PLC Texas Oil Production Plans Update (7652L)
08 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMPPP
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 or
follow us on twitter @pennpetro or contact:
Pennpetro Energy PLC:
Tom Evans, CEO tme@pennpetroenergy.com
David Lenigas, Chairman +44 (0) 7881825378
lenigas@monaco-capital.com
Brokers:
Zeus Capital
Simon Johnson +44 (0) 207 614 5900
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0930
Duncan Vasey +44 (0) 20 7220 9797
Flagstaff Strategic and Investor +44(0) 207 129 1474
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.
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END
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