Pennpetro Energy PLC Excellent Oil Production Statistics in Texas (4823V)
04 Décembre 2023 - 8:00AM
UK Regulatory
TIDMPPP
RNS Number : 4823V
Pennpetro Energy PLC
04 December 2023
Pennpetro Energy PLC
("PPP" or "Pennpetro")
Excellent Oil Production Statistics for First Full Month in
Texas
Highlights:
-- Well testing of PPP's Chalk Talk #1H well in Texas commenced on 1 November 2023.
-- 4,827 barrels produced for month of November.
-- Average daily oil production for November was 161 barrels of oil per day (bopd)
-- 4,468 barrels of oil sold for the month.
-- Extended well testing continues to optimise oil production.
-- Workover rig for PPP's second well (Chalk Talk #4H) scheduled to arrive 14 December.
London, 4 December 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, is pleased to provide the statistics for the
first full month of oil production from the Company's 100% Chalk
Talk #1H ("CT1H") well.
Since testing began on 1 November, the CT1H well has produced
4,827 barrels of oil at an average of 161 bopd, including 2 days of
no production and including down-time periods for site and pump
works. Optimisation work on the well's flow rates continues. The
well is seeing increased levels of gas with the oil and on some
days, the well has produced extended days of production above 300
bopd with peak daily production reaching 410 bopd.
Oil sales for the month of November totaled 4,468 barrels.
Pennpetro has an oil sales agreement in place that will see the oil
it sells for the month of November paid to Nobel Petroleum, its
100% Texas subsidiary, on the 20 December.
Nobel Petroleum, the Company's 100% operating subsidiary in
Texas, is now preparing for the arrival of the workover rig on or
around the 14 December for the workover on its Chalk Talk #4H
well.
Tom Evans, Pennpetro Energy 's CEO said:
"These are brilliant results for our first full month of oil
production from our CT1H well in Texas, and pleasingly exceeds our
original estimates of circa 20 barrels per day. We have seen some
days reach oil production rates up to 410 bopd, and we are still
waiting for the well to settle into stable production. We are still
seeing a generally increasing trend in our daily oil production,
which is certainly highly encouraging, and it may take us another
month or so to see the well finally settle down to a steady state
flow rate. We are also very active in preparing for the arrival of
the workover rig to start work on our second well, Chalk Talk #4H,
in the middle of this month. We are fortunate enough to have booked
the same workover rig and rig crew who did the workover on our CT1H
well."
-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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