Operations Update

RNS Number : 1475B

Pennpetro Energy PLC

05 January 2018

 

For immediate release                                                                                                              5 January 2018

Pennpetro Energy PLC

Operations Update

London, 5 January 2018 - The Company advises that its subsidiary entity, Nobel Petroleum LLC, has entered into and finalised £2 million in additional funding for continuing operations in regard to the Gonzales Township leases in Gonzales County, Texas.

Terms of the debt financing are for three years at an interest rate of 8%, secured over certain of the Company's lease interests. Currently, activities are centered on completion operations in regard to the initial drilled well, COG#1-H.

In addition, the Company advises that it has brought forward from 2019 its objectives of further development of the Gonzales Oil Field by obtaining the required permitting from the Texas Railroad Commission for its next well, designated COG#3-H, to be located at the northern parameters of the field.

The required Oil & Gas Well Permit from the City of Gonzales in respect of COG#3-H, has also been received. It is anticipated that COG#3-H will be drilled in late February 2018; this timing may be slightly adjusted as the Company is in discussions with Dawson Geophysical Company, Midland, Texas to run extensive 3D seismic over the Company's leases.

The next planned well after COG #3-H is designated COG#2-H and is expected to be drilled mid 2018.

ENDS

Enquiries

Pennpetro Energy Plc

88 Whitfield Street

First Floor

London

W1T 4EZ

[e-mail]   

Instinctif
David Simonson	[e-mail]	[phone]
Laura Syrett	[e-mail]	[phone]
George Yeomans	[e-mail]	[phone]

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.

Further information on the Company can be found at www.pennpetroenergy.co.uk 

 

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