Pennpetro Energy PLC Chalk Talk 1H Well Texas Production Update (3007T)
November 14 2023 - 2:00AM
UK Regulatory
TIDMPPP
RNS Number : 3007T
Pennpetro Energy PLC
14 November 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Pennpetro Announces Oil Production Update on Chalk Talk 1H
Well
Highlights:
-- First full week of test production from Chalk Talk #1H well sees consistent oil production.
-- Oil production of 794 barrels for the week or 113 barrels of oil per day average.
-- Workover rig for PPP's Chalk Talk #4H well still on track for early December.
-- Transport and oil sales agreement signed that sees PPP being
paid on the 20(th) day after the end of every month.
London, 14 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 the Company's 100% Chalk Talk #1H
("CT1H") well has completed its first full week of test production,
since the workover rig demobilized from the well site and the sites
were fully commissioned, with a total of 794 barrels of 33 API oil
for an average of 113 barrels of oil per day ("bopd").
Current production levels are significantly above the well's
July 2022 shut in rate of around 15-20 bopd. This increase can be
put down to the workover rig successfully cleaning out a number of
bridge plugs (or blockages) below the bottom of the casing.
Tom Evans, Pennpetro Energy 's CEO said:
"Our Chalk Talk 1H well in Texas is continuing to perform very
well and shows excellent flow rates with last week's test
production averaging 113 barrels of oil per day."
"Our US Nobel Petroleum Team have also managed to secure a
transport and sales contract that will see oil sold from our
Whistling Straits oil facilities paid for on the 20(th) day after
the end of every month."
"The workover rig is still due to arrive at PPP's 100% owned
Chalk Talk #4H well in early December and we look forward to having
two wells feeding into the Whistling Straits facilities by year
end."
Qualified Person's Statement:
Deane Pierce, Nobel's Executive Vice President Engineering, who
has 45 years of relevant experience in the global oil industry, has
approved the information contained in this announcement. Mr. Pierce
graduated with a BS Mechanical Engineering from Texas Tech
University, has an MBA Finance from Dallas Baptist University and
is a Registered Petroleum Engineer #56733. Mr. Pierce also has
numerous industry publications dealing with drilling and production
optimization with an emphasis on horizontal completion and inflow
control.
-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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