Pennpetro Energy PLC - oil and gas company focusing on production and development in Gonzales County, Texas - Says hydrocarbon shows are being logged in the Whistling Straits 5H well, which is being drilled in the Peach Creek Oil Field, located in Gonzales County in Texas. Says the well is the first well to be drilled under its recently signed participation, development and option agreement between Pennpetro’s subsidiary, Nobel Petroleum USA Inc, and Millennium PetroCapital Corp.
Chief Executive Officer Tom Evans says: ‘It’s very pleasing to see that oil and gas shows can be seen in the drilling of this and over extended distances along the beginning of the 4,800 feet planned lateral through the Austin Chalk. The team on site have taken their time to correctly achieve the necessary curvature of the well from the vertical and have achieved outstanding rig performance with establishing the sidetrack on the right trajectory on such a tight side-track window.’
Current stock price: 3.10 pence each, up 3.3% on Tuesday afternoon in London
12-month change: down 89%
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