Pennpetro Energy PLC - oil and gas company focusing on production and development in Gonzales County, Texas - Confirms it has completed its acquisition of the Chalk Talk 1, Chalk Talk 3, and Chalk Talk 4 wells from Millennium PetroCapital Corp. Official records lodged with the Texas Railroad Commission show that Pennpetro’s subsidiary, Nobel Petroleum USA Inc, is now the legal owner and operator of these assets. Pennpetro didn’t specify the value of the acquisition.

Chief Executive Officer Tom Evans says: ‘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 (COG1) and our Whistling Straits 5H wells. We have a very busy work program ahead and look forward to updating shareholders in the near term.’

Current stock price: 1.86 pence

12-month change: down 99%

Copyright 2023 Alliance News Ltd. All Rights Reserved.