oil showed up mid way drilling23 Apr 2023 15:32
London, 11 April 2023 - 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.
Oil showed!!!
*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.