Pennpetro Energy PLC First Oil Trucked from Chalk Talk 1H Well in Texas (5516S)
07 Novembre 2023 - 8:00AM
UK Regulatory
TIDMPPP
RNS Number : 5516S
Pennpetro Energy PLC
07 November 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Pennpetro Announces First Oil Trucked from Chalk Talk 1H Well in
Texas
Highlights:
-- First 2 tankers of 33 API oil trucked from Chalk Talk #1H well
-- Chalk Talk #1H well site and the oil facilities at Whistling Straits #5H site commissioned
-- Testing continues with initial oil production averaging around 100 bopd
-- Workover rig for PPP's Chalk Talk #4H well booked for early December
London, 7 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 further to its RNS dated 30
October 2023, the Chalk Talk #1H ("CT1H") well has been on extended
well test, the first two truckloads (170 bbls each) of 33 API oil
have been dispatched from the oil storage facilities at the
Whistling Straits #5H facility located 1,000 feet from the CT1H
well.
The CT1H well site and oil storage facilities at WS5H site are
now commissioned.
Initial o il production testing is now consistently yielding
between 90 bopd - 110 bopd, which is 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.
The well's production is still being optimised over this
extended testing period and the Company will advise of flow rates
and decline curves in due course.
Tom Evans, Pennpetro Energy 's CEO said:
"Needless to say, the Company is very pleased with how the Chalk
Talk 1H well is performing with the first oil tankers leaving site.
The flow rates seen far exceeded our expectations, especially
compared to its flow rates when the well was shut in over a year
ago. We have also now booked the workover rig to be on site at our
new Chalk Talk #4H well for early in December. Ideally, we would
like to end this 2023 Calendar year with 2 wells on production.
That is what our US management team are working towards. Then
straight into the New Year, efforts will swing towards bringing our
City of Gonzales #1 well and Whistling Straits #5H well online. I
look forward to making regular updates over the coming weeks during
this busy time in Texas."
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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