Pennpetro Energy PLC First Oil Production from Well in Texas (6243R)
30 Octubre 2023 - 1:00AM
UK Regulatory
TIDMPPP
RNS Number : 6243R
Pennpetro Energy PLC
30 October 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
First Oil Production from PPP's Chalk Talk 1H Well in Texas
Highlights:
-- Workover completed of PPP's 100% owned Chalk Talk #1H well in Texas.
-- Test production currently stable at 35 barrels of fluid per
hour (840 barrels of fluid per day)
-- First oil already produced to the tanks.
-- Full production is scheduled to commence this week.
London, 30 October 2023 - Pennpetro Energy PLC (LSE: PPP), an
independent oil and gas company focusing on development and
production in the Peach Creek (Austin Chalk) Oil Field in Gonzales
County, Texas, USA, advises that further to its RNS dated 8
September 2023, it has now completed the workover of the Company's
new 100% owned Chalk Talk #1H ("CT1H") well and the well has
successfully been put on to test production with full time
production expected later this week.
At the CT1H well, the workover rig successfully pulled the old
production tubing, cleaned the well of blockages, and run a new
Electric Submersible Pump ("ESP") with production tubing run to a
depth of 7,597' Measured Depth. The workover rig demobilized from
site on 22 October.
The ESP was commissioned on Tuesday 24 October and produced
about 500 barrels of fluid to temporary tanks at the CT1H well site
over the first 15-hour period before being shut in, as the surface
tanks on site installed for the pump tests had surprisingly reached
capacity.
The flow line from the CT1H well was then connected the
following day (25 October) to the surface facility at its Whistling
Straits 5H ("WS5H") well pad.
Flow rates, when the well is on pump, appear to be stabilizing
at around 35 barrels of fluid per hour (840 barrels of fluid per
day). While it is too early to determine the water cut, the company
expects it to be close to fifty percent, based on historical
production from the well and initial indications appear to support
this. The company will report a more accurate assessment on water
cut once full production to the facilities has been stabilized over
the course of the next few weeks.
Tom Evans, Pennpetro Energy's CEO said:
"The workover of our new 100% owned Chalk Talk 1H well in Texas
has gone exceptionally well. We continue to run the ESP pump on
test as we complete the commissioning of our surface facilities at
both the CT1H well site and the storage facilities at Whistling
Straits, just 1,000 feet away, in preparation for permanent
production later this week."
"With respect to having Pennpetro Energy's shares trading again
on the London Stock Exchange, I advise that the Company is working
diligently to have its audited accounts, as published on 20
October, reformatted and uploaded onto the FCA's National Storage
Mechanism, which is now a requirement to re-trading. When we do
come back to trade though, it will be highly gratifying to see
Pennpetro begin trading as an actual oil producer, something that
was sadly stopped in its tracks when forced to shut in our City of
Gonzales #1 well due to Covid in 2020."
-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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