Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on production and development in Gonzales County, Texas, USA, is pleased to advise that hydrocarbon shows (oil and gas) are being logged in the Whistling Straits 5H well, which is currently being drilled in the Peach Creek Oil Field, Gonzales County, Texas.
The planned well has a 12,760 feet total measured depth (“MD”) with a 7,545 feet true vertical depth (“TVD”) horizontal well, which includes the well ending in a 4,800-feet lateral within the Austin Chalk target interval. As at the latest report from the drill site at 6pm Texas time on 10 April (midnight UK time on 11 April), the well was at 9,682 feet MD and drilling on. Drilling rates in the past 24 hours have been excellent at around 1,300 feet per day and drilling continues towards the well’s ultimate planned total measured depth of 12,760 feet.
@pennpetro Oil shows have been seen on the rig's skimmer tanks from 8,120 feet over numerous extended intervals and are being logged in the Whistling Straits 5H well, currently being drilled in the Peach Creek Oil Field, Gonzales County, Texas #PPP 🇺🇸pic.twitter.com/ZUIoKgYqS9 https://t.co/YJzK5jUgJV
— Share_Talk ™ (@Share_Talk) April 11, 2023
Oil shows have been seen on the rig’s skimmer tanks from 8,120 feet over numerous extended intervals. Gas flares are registering between 129-226 units of gas including C1 through to C4.
The Whistling Straits 5H well is the first well to be drilled under its recently signed Participation, Development and Option Agreement between Pennpetro’s 100% owned subsidiary, Nobel Petroleum USA Inc, and Millennium PetroCapital Corporation (“Millennium”), within the 250,000-acre (1,011 km2) Area of Mutual Interest (“AMI”) petroleum joint venture in Gonzales County, Texas.
Tom Evans, Pennpetro’s CEO, commented: “It’s very pleasing to see that oil and gas shows can be seen in the drilling of this and over extended distances along the beginning of the 4,800 feet planned lateral through the Austin Chalk. The team on site have taken their time to correctly achieve the necessary curvature of the well from the vertical and have achieved outstanding rig performance with establishing the sidetrack on the right trajectory on such a tight side-track window. I look forward to updating shareholders in the coming days as we progress towards reaching total depth and completion.”
Andy Clifford, Nobel’s President, added: “The drilling crew on the Wisco Moran Rig 16 and the Millennium site management have done an excellent drilling job to date with their precision placing of the side-track. This side-track had extremely tight tolerances for drill trajectory in order to hit our target zones and the trajectory of the drill bit path has been spot on landing at +/- 10 feet from target at the 9,300 feet MD mark.”
The Gonzales County 250,000-acre (1,011 km2) AMI is located about 290 miles (466 kilometres) due west of Houston and will provide PPP’s Nobel with a large inventory of low-risk development options in a world class oilfield.
Nobel is paying 33.33% of the cost to drill and complete this joint development well connected to the storage tanks for a net 25% working interest (18.75% net revenue interest) as well as a prospect fee which covers sunk costs relating to leasing, land, legal, 3D seismic licensing, geological and geophysical analysis.
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Pennpetro Energy PLC: Tom Evans, CEO |
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