Texas Oil Production Plans Update

Pennpetro Energy PLC

08 September 2023

 

Pennpetro Energy PLC

("PPP" or "Pennpetro")

Texas Oil Production Plans Update

London, 8 September 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA, advises that further to its RNS dated 19 July 2023 - "Completion of transaction to increase interest in oil leases in Gonzales County, Texas", has now completed the acquisition of the 100% Working Interest in the Chalk Talk #1, Chalk Talk #3 well (including the Whistling Straits #5H) and Chalk Talk #4 wells from Millennium PetroCapital Corporation and the official records with the Texas Railroad Commission ("RRC") show that PPP's subsidiary Nobel Petroleum USA Inc ("Nobel") is now is the legal owner and operator of these asset.

Tom Evans, Pennpetro Energy's CEO said:

"Good news! Our oil development team in Texas have been very busy registering our 100% interests in these oil wells and preparing for the well workovers to start. Noble is now finally visible on the Railroad Commission website as owner / operator of the wells thereby allowing us to formally appoint contractors to carry out the on-site well works to bring these well back into oil production.  Our current plans are to start with the workover of the Chalk Talk #1H well before moving on to flowing oil from Chalk Talk #4H, City of Gonzales #1 (COG#1) and our Whistling Straits 5H wells. We have a very busy work program ahead and look forward to updating shareholders in the near term."

-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 David Lenigas, Chairman	[e-mail] [phone] [e-mail]
Brokers: Zeus Capital Simon Johnson	[phone]
Peterhouse Capital Limited Lucy Williams                                                    Duncan Vasey   Flagstaff Strategic and Investor Communications Tim Thompson Alison Allfrey Anna Probert	[phone] [phone] [phone] [e-mail]

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.

 

END