RE: New in PPP - read my post31 Jul 2024 12:13
Also see below!!! Pick a negative out of that!
current estimated life of the wells at 20 years plus, it secures PPPs future for many years to come. Shareholders should not underestimate the material value of receiving a ORRI on oil production from these wells. There is a lot of oil in these 2,036 acres and we will rank equally with the landowners with this ORRI and receive monthly revenue income from all oil sales from Texas once production recommences. We are hopeful to see oil production starting within months.”
“Globalvision will also clear or come to arrangements with Pennpetro’s US creditors, which really does clean up our balance sheet. They plan to optimise all 4 x 12.5% ORRI wells to production as quickly as possible, which will be a very big step forwards for the project.
The Company is also very excited about the potential for the AMI on the Gulf Coast region to produce gas and home-grown USA lithium from the wells. Big companies in Texas, such as Standard Lithium, Albemarle Corporation, Koch Industries and Tesla are already making big strides to fund future lithium production and refining from oil wells in Texas, and we see our 50/50 JV here as having real potential to add a lot of future value to Pennpetro shareholders in time.”
Robert Menzel, CEO of Globalvision International, also stated:
“It has been a pleasure negotiating with management of Pennpetro on the acquisition of Nobel Petroleum USA Inc, who have done an excellent job in acquiring an exceptional oil lease package in Texas in the heart of the Austin Chalk oilfields and creating what we see as a potentially very profitable, viable and long-life asset with the basis for long-term sustainable future oil production. We at Globalvision look forward to expanding from these solid foundations and taking Nobel to new heights and welcome Pennpetro on closing this transaction as an important stakeholder and partner in this transaction.”
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