Pennpetro Energy PLC on Tuesday said it has more than doubled oil production from its Chalk Talk 1H well in the US state of Texas, after recent well-equipment improvements and optimisation.
The Texas-focused oil and gas company said oil production increased to an average of 248 barrels of oil per day over the last six days from a weekly average of 113 barrels of oil per day, as announced on Tuesday last week.
Since testing began 20 days ago, Pennpetro Energy said the CT1H well has produced 3,184 barrels of oil at an average of 159 barrels per day, while oil sales to date total 1,973 barrels.
Pennpetro noted it has in place an oil sales agreement, under which the oil it sells for the month of November will be paid to its wholly-owned Texas subsidiary Nobel Petroleum on December 20.
‘The results of the oil production from our CT1H well test are excellent. We continue to optimise the performance of this well some 20 days into testing. We are still seeing a generally increasing trend in our daily oil production, which is certainly highly encouraging. Extended well testing continues,’ said Pennpetro Energy Chief Executive Officer Tom Evans.
Shares in Pennpetro Energy were up 2.6% to 2.00 pence each in London on Tuesday late morning.
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