Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on development and production in the Peach Creek (Austin Chalk) Oil Field in Gonzales County, Texas, USA, is pleased to provide the statistics for the first full month of oil production from the Company’s 100% Chalk Talk #1H (“CT1H”) well.
Highlights:
· Well testing of PPP’s Chalk Talk #1H well in Texas commenced on 1 November 2023.
· 4,827 barrels produced for month of November.
· Average daily oil production for November was 161 barrels of oil per day (bopd)
· 4,468 barrels of oil sold for the month.
· Extended well testing continues to optimise oil production.
· Workover rig for PPP’s second well (Chalk Talk #4H) scheduled to arrive 14 December.
Since testing began on 1 November, the CT1H well has produced 4,827 barrels of oil at an average of 161 bopd, including 2 days of no production and including down-time periods for site and pump works. Optimisation work on the well’s flow rates continues. The well is seeing increased levels of gas with the oil and on some days, the well has produced extended days of production above 300 bopd with peak daily production reaching 410 bopd.
Oil sales for the month of November totaled 4,468 barrels. Pennpetro has an oil sales agreement in place that will see the oil it sells for the month of November paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20 December.
Nobel Petroleum, the Company’s 100% operating subsidiary in Texas, is now preparing for the arrival of the workover rig on or around the 14 December for the workover on its Chalk Talk #4H well.
Tom Evans, Pennpetro Energy‘s CEO said:
“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. We are also very active in preparing for the arrival of the workover rig to start work on our second well, Chalk Talk #4H, in the middle of this month. We are fortunate enough to have booked the same workover rig and rig crew who did the workover on our CT1H well.”
