Pennpetro Energy PLC Oil Production Doubles at Texas Chalk Talk 1H Well (0534U)
21 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMPPP
RNS Number : 0534U
Pennpetro Energy PLC
21 November 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Pennpetro More than Doubles Oil Production from Chalk Talk 1H
Well
Highlights:
-- Optimisation of PPP's Chalk Talk #1H well in Texas sees oil
production more than double in the past week of testing.
-- Oil production has increased to an average of 248 barrels of
oil per day (bopd) in the last 6 days since last Wednesday.
-- The previous week's oil production averaged 113 bopd.
London, 21 November 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 production testing continues at
the Company's 100% Chalk Talk #1H ("CT1H") well and recent
improvements in the well equipment configuration has seen oil
production increase to an average of 248 bopd for the last 6 days,
compared to the weekly average of 113 bopd announced on 14
November.
Since testing began 20 days ago, the CT1H well has produced
3,184 barrels of oil at an average of 159 bopd.
Oil sales to date total 1,973 barrels. Pennpetro has in place an
oil sales agreement that will see the oil it sells for the month of
November paid to Nobel Petroleum, its 100% Texas subsidiary, on the
20 December.
Tom Evans, Pennpetro Energy 's CEO said:
"The results of the oil production from our CT1H well test are
excellent. We continue to optimize the performance of this well
some 20 days into testing. We are still seeing a generally
increasing trend in our daily oil production, which is certainly
highly encouraging. Extended well testing continues."
-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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