Pennpetro Energy PLC Texas - Whistling Straits 5H Well Testing Begins (1953X)
24 Abril 2023 - 1:41AM
UK Regulatory
TIDMPPP
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 km 2 )
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 Williams +44 (0) 20 7469 0930
Duncan Vasey +44 (0) 20 7220 9797
Media and Investor Relations:
Instinctif Partners
Galyna Kulachek pennpetro@instinctif.com
Isadora Pegler +44 (0) 20 7457 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 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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END
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