Pennpetro Energy PLC Increase in working interest at Gonzales oil field (4799I)
09 Agosto 2019 - 1:00AM
UK Regulatory
TIDMPPP
RNS Number : 4799I
Pennpetro Energy PLC
09 August 2019
For immediate release 9 August 2019
Pennpetro Energy PLC
("Pennpetro" or the "Group")
Increase in working interest from 75% to 100%
in City of Gonzales licence
London, 9 August 2019 - Pennpetro, an independent oil and gas
company focusing on production in the Gonzales Oil Field in Texas,
USA, is pleased to announce that, effective 6(th) August 2019, has
through its US based subsidiary entities, increased its working
interest from 75% to 100% 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 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 4,000 MBBL
and 2,000 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 $124 million based on the
same CPR out to 2031 at an average price of oil of $55,
non-escalated, per barrel West Texas Intermediate.
ENDS
Enquiries
Pennpetro Energy Plc
88 Whitfield Street
First Floor
London
W1T 4EZ
tme@pennpetroenergy.co.uk
Instinctif
+44 (0)20 7457
David Simonson david.simonson@instinctif.com 2020
+44 (0)20 7457
Sarah Hourahane sarah.hourahane@instinctif.com 2020
+44 (0)20 7457
Dinara Shikhametova dinara.shikhametova@instinctif.com 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
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END
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