TIDMPPP

RNS Number : 9909V

Pennpetro Energy PLC

12 April 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

Whistling Straits 5H well reaches Total Depth -Texas Oil

London, 12 April 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on production and development in Gonzales County, Texas, USA, is pleased to advise that the Whistling Straits 5H well in the Peach Creek Oil Field, Gonzales County, Texas, has been drilled to 10,195 feet measured depth ("MD") with a 7,632.22 feet true vertical depth ("TVD"). The decision was made to TD the well, having reached our target and penetrated the crestal portion of the microfracture swarm. The horizontal well will now be completed as a producer with over 2,500 feet of open hole within the Austin Chalk interval.

Oil shows were seen on the rig's skimmer tanks from 8,120 feet over numerous extended intervals with gas flares registering between 129-226 units of gas including C1 through to C4.

The Whistling Straits 5H well is the first well to be drilled under its recently signed Participation, Development and Option Agreement between Pennpetro's 100% owned subsidiary, Nobel Petroleum USA Inc, and Millennium PetroCapital Corporation ("Millennium") within the 250,000-acre (1,011 km 2 ) Area of Mutual Interest ("AMI") petroleum joint venture in Gonzales County, Texas.

Tom Evans, Pennpetro's CEO, commented: "We are pleased to have hit our target objective and steered the drill bit through the heart of the seismic anomaly which we interpret as a microfracture swarm within the Upper Austin Chalk. The forward plan is to install test facilities and then complete the well imminently."

Andy Clifford, Nobel's President, added: "The drilling crew on the Wisco Moran Rig 16, directional crew and the Millennium site management have done an excellent drilling job with their precision placing of the side-track and managing the drill bit through the target. We landed the well within 10 feet of our target depth and we have over 2,000 feet of lateral section and over 2,500 feet of open hole below the 7-inch casing shoe from which to produce. This well has proved the presence of the microfracture swarm."

The Gonzales County 250,000-acre (1,011 km 2 ) AMI is located about 290 miles (466 kilometres) due west of Houston and will provide PPP's Nobel with a large inventory of low-risk development options in a world class oilfield.

Nobel is paying 33.33% of the cost to drill and complete this joint development well connected to the storage tanks for a net 25% working interest (18.75% net revenue interest) as well as a prospect fee which covers sunk costs relating to leasing, land, legal, 3D seismic licensing, geological and geophysical analysis.

-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.

ENQUIRIES:

 
 Pennpetro Energy PLC: 
  Tom Evans, CEO                    tme@pennpetroenergy.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 
 Media and Investor Relations: 
  Instinctif Partners 
  Galyna Kulachek                   pennpetro@instinctif.com 
  Isadora Pegler                    +44 (0) 20 7457 2020

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 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.

Further information on the Company can be found at www.pennpetroenergy.co.uk

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END

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(END) Dow Jones Newswires

April 12, 2023 06:28 ET (10:28 GMT)

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