TIDMPPP

RNS Number : 1919W

Pennpetro Energy PLC

14 April 2023

Pennpetro Energy PLC

("PPP" or "Pennpetro")

Texas - Whistling Straits 5H Well Completion Update

London, 14 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 drill rig has now set the packer in the 7-inch casing at 7,483 feet measured depth (MD) in the Whistling Straits 5H well in the Peach Creek Oil Field, Gonzales County, Texas.

The packer has been successfully pressure tested to 1,000 psi, whilst the Wisco Moran Rig 16 has now been released and the rig is currently being removed from the well head. On removal of the rig (and its associated infrastructure) in the coming days, the production storage tanks will then be installed on site. The workover rig is scheduled to mobilise to site early next week to put the well onto pump to initiate testing.

The well has been drilled to 10,195 feet MD with a 7,632.22 feet true vertical depth ("TVD") having reached our target and penetrated the crestal portion of the microfracture swarm. Following the installation of the onsite production infrastructure and down hole pumps, the well will be produced over an interval of 2,500 feet of open hole within the Austin Chalk.

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. The 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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April 14, 2023 02:00 ET (06:00 GMT)

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