Source - Alliance News

Pennpetro Energy PLC on Monday said - Texas-focused oil and gas company - Says in the first month of production, the Chalk Talk #1H well, also known as CT1H, has produced 4,827 barrels of oil since November 1 at an average of 161 barrels of oil per day. Says optimisation work on the well’s flow rate continues, adding that on some days, the well produces extended days of production above 300 bpd. Oil sales in November reached 4,468 barrels. Says its Texas subsidiary, Nobel Petroleum, is preparing for the arrival of the workover rig on or around December 14 for the workover on its Chalk Talk #4H well.

Chief Executive Officer Tom Evans says: ‘These are brilliant results for our first full month of oil production from our CT1H well in Texas, and pleasingly exceeds our original estimates of circa 20 barrels per day. We have seen some days reach oil production rates up to 410 bopd, and we are still waiting for the well to settle into stable production. We are still seeing a generally increasing trend in our daily oil production, which is certainly highly encouraging, and it may take us another month or so to see the well finally settle down to a steady state flow rate.’

Current stock price: 2.10 pence, up 2.4%

12-month change: down 75%

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