Pennpetro Energy PLC Completion of Gonzales oil leases transaction (4376G)
19 Julio 2023 - 1:00AM
UK Regulatory
TIDMPPP
RNS Number : 4376G
Pennpetro Energy PLC
19 July 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Completion of transaction to increased interest in oil leases in
Gonzales County, Texas
London, 19th July 2 023 - Pennpetro Energy PLC (LSE: PPP), an
independent oil and gas company focusing on production and
development in Gonzales County, Texas, USA, through its 100%
subsidiary, Nobel Petroleum USA Inc. (" Nobel "), has now completed
the legal processes in Texas to complete the transaction with
Millennium PetroCapital Corporation (" Millennium "), as announced
on 27 June 2023, to increase its stake in the Whistling Straits 5H
well from a 25% working interest ("WI") to a 100% WI with 75% net
revenue interest (" NRI ") and to assume operatorship of the well
with immediate effect in addition to 2,036.38 acres of oil
leases.
Highlights
-- Completion of acquisition of 100% Working Interest and
operatorship in Whistling Straits #5H well
-- 100% acquisition of 10 tracts, increasing Gonzales footprint by 2,036.38 acres
-- Giving exclusive rights to 100% WI in two other adjacent
developed wellbores (Chalk Talk #1H & #4H)
-- Engineering studies to commence to bring back on the City of
Gonzales #1 well which Pennpetro drilling in 2018 and shut-in in
2020
-- Company fully funded to bring all wells into near-term production
Tom Evans, Pennpetro Energy 's CEO said:
"Pennpetro has fortuitously gone from having a minority interest
in just the Whistling Straights #5 well, to now having operatorship
and a 100% interest in four (4) potential oil production wells in
Gonzales County in Texas. This is a big game changer for the
Company."
"Yesterday we completed the legal transfer of the oil assets in
Texas with Millennium, giving Pennpetro the operatorship of the
Whistling Straits #5H well and access to 100% working interest in
two nearby oil wells. Over the coming weeks and months, the Company
will be working with its management and consultants to bringing the
Chalk Talk #1H and #4H wells back online, flow testing the
Whistling straits 5H well and potentially bring back online the
100% owned City of Gonzales #1 (COG #1) well that Pennpetro was
forced to shut in over the Covid period."
"Chalk Talk wells initial production rates ranged from 100-400
barrels of oil per day, so we are optimistic that we could see the
Chalk Talk # 1 H and # 4 H wells providing PPP with some good oil
production numbers in future. The recent placings have also brought
forward the possibility of us putting our COG #1H well back into
production since it was shut-in over the Covid period . "
"As we previously reported, Millennium, the previous Operator of
Whistling Straights #5H well unsuccessfully installed a jet pump to
clean up the well and until now has yet to recover all the load
water used during drilling and completion, from the well. Our plans
are to change to an electrical submersible pump (ESP), which has
the benefits of having a positive displacement pump, to recover the
remaining drill fluids to surface and bring on the oil."
-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
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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