Pennpetro Energy PLC, an autonomous oil and gas firm concentrating on production and advancement in Gonzales County, Texas, reported that the Whistling Straits well’s drilling operations have progressed efficiently.
As of now, the drill bit has reached a vertical target depth of -7,303 ft. TVDSS and has started drilling the intended 4,800 ft. lateral within the Austin Chalk target interval.
The Whistling Straights well, previously known as the “Whistling Straights #1H well,” has been renamed the “Whistling Straights #5H” well, marking the first well under the Participation, Development, and Option Agreement between Pennpetro’s wholly-owned subsidiary, Nobel Petroleum USA Inc, and Millennium PetroCapital Corporation (“Millennium”) within the 250,000 acre Area of Mutual Interest (“AMI”) petroleum joint venture in Gonzales County, Texas.
Tom Evans, CEO of Pennpetro, expressed satisfaction with the drilling progress, stating that the company is “now drilling fresh ground in the Austin Chalk horizontal side-track heading towards the primary oil target.”
Nobel’s President, Andy Clifford, explained that the company is targeting an interpreted microfracture swarm within the Austin Chalk, utilizing cutting-edge 3D reprocessing and interpretation combined with an analysis of regional well results to prepare for drilling the well and position it for maximum potential production from naturally-occurring fractures.
The Gonzales County 250,000-acre AMI is a world-class oil field situated approximately 140 miles west of Houston, offering Nobel a significant inventory of low-risk development options.
Nobel is responsible for paying 33.33% of the cost to drill and complete the joint development well linked to the storage tanks, resulting in a net 25% working interest (18.75% net revenue interest), as well as a prospect fee that covers sunk costs related to leasing, land, legal, 3D seismic licensing, geological and geophysical analysis.
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