Pennpetro Energy PLC Increase in working interest in Gonzales licence (3844S)
11 Marzo 2019 - 01:00AM
UK Regulatory
TIDMPPP
RNS Number : 3844S
Pennpetro Energy PLC
11 March 2019
For immediate release
11 March 2019
Pennpetro Energy Plc
("Pennpetro" or "the Company")
Increase in working interest from 50% to 75% in City of Gonzales
licence
Pennpetro, an independent oil and gas company focusing on
production in the Gonzales Oil Field in Texas, USA, is pleased to
announce that, effective 5(th) March 2019, its subsidiary, Nobel
Petroleum UK Limited, has through its US based entities, increased
its working interest from 50% to 75% in the leasehold petroleum
interests centred on the City of Gonzales, southwest Texas,
comprising the undeveloped central portion of the Gonzales Oil
Field. The interest was acquired from existing working interest
parties pursuant to contractual obligations within the Joint
Operating Agreement, by crediting $1.1 million of outstanding
receivables.
The Competent Persons Report ("CPR") prepared in advance of the
original 50% acquisition of interest estimated that, as a result of
the acquisition, Pennpetro Group would have a working interest in
the portfolio of petroleum mineral leases of 2,000 MBBL of oil and
1,000 MMcF of gas. These interests are now uplifted to 3,000 MBBL
and 1,500 MMcf of gas.
The most recent CPR prepared in December 2017 estimated that the
Group's then undiscounted Net Revenue interest in the Gonzales
petroleum leases amounted to $62 million, which as a result of the
additional acquired interest increases to $93 million based on the
same CPR out to 2031 at an average price of oil of $55 per barrel
West Texas Intermediate.
Enquiries
Pennpetro Energy Plc
88 Whitfield Street
First Floor
London
W1T 4EZ
tme@pennpetroenergy.co.uk
Instinctif Partners
David Simonson david.simonson@instinctif.com +44 207 457 2020
Dinara Shikhametova dinara.shikhametova@instinctif.com +44 207 457 2020
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. Further
information on the Company can be found at
www.pennpetroenergy.co.uk
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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