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Pin to quick picksPennpetro Energy Regulatory News (PPP)

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Globalvision Drilling Contractor Texas Oil Wells

22 Jul 2024 07:00

RNS Number : 1841X
Pennpetro Energy PLC
22 July 2024
 

Pennpetro Energy PLC

("PPP" or "Pennpetro")

 

Globalvision Books Drilling Contractor for Texas Oil Wells

London, 22 July 2024 - Pennpetro Energy PLC (LSE: PPP), advises that Huston Texas based drilling contractor, J&J Drilling International LLC, have now been engaged by Globalvision International U. LDA ("Globalvision") to start in early August to work on the oil wells in Gonzales County, Texas.

Pennpetro announced on 17 July that it had signed a Heads of Terms ("HOT") with Globalvision International U. LDA ("Globalvision"), whereby it plans to buy all of the shares in Pennpetro's subsidiary in Texas Nobel USA Inc ("Nobel") in exchange for a life of asset currently estimated at around 30 years oil sales revenues through a 12.5% Overriding Royalty Interest ("ORI") on the Texan oil wells - City of Gonzales #1 well, Chalk Talk #1 well, Chalk Talk #4 well and Whistling Straits #5 well in Gonzales and a 10% profit share on any other wells drilled or developed within PPP's 2,036 acres in Texas.

Refer to previous Pennpetro RNS for further details of the Globalvision transaction for Pennpetro's Texas operations and estimates for time for closing of this transaction.

Tom Evans, Pennpetro Energy's CEO said:

 

"As previously announced, both parties are working well together to complete all of the documentation required to close this important transaction for Pennpetro by month's end and I'm very pleased to inform shareholders that Globalvision have informed me that that they have now booked their drilling contractor for the Texas oil production operations. J&J Drilling International are scheduled to mobilise to site in the early part of August. I look forward to providing numerous updates to shareholders as we move to close this important transaction for the Company and from the operations as they progress."

 

 -ENDS-

 

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

For further information visit www.pennpetroenergy.co.uk or follow us on twitter @pennpetro or contact:

Pennpetro Energy PLC:

Tom Evans, CEO

 

David Lenigas, Chairman

 

tme@pennpetroenergy.com

 

+44 (0) 7881825378

lenigas@monaco-capital.com

 

Brokers:

Zeus Capital

Simon Johnson

 

+44 (0) 207 614 5900

Peterhouse Capital Limited

Lucy Williams

Duncan Vasey

 

Flagstaff Strategic and Investor Communications

Tim Thompson

Alison Allfrey

Anna Probert

 

+44 (0) 20 7469 0930

+44 (0) 20 7220 9797

 

+44(0) 207 129 1474

pennpetro@flagstaffcomms.com

 

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END
 
 
MSCPPUWGMUPCGMG
Date   Source Headline
1st Nov 20243:23 pmRNSDirector Changes
28th Oct 202412:18 pmRNSYear End Accounts Update
25th Sep 202410:18 amRNSDirector Change
16th Aug 20242:21 pmRNSPlacing
13th Aug 202411:24 amRNSAppointment of New Company Secretary
1st Aug 20248:04 amRNSSale and Purchase Agreement on Texas Oil Assets
1st Aug 20247:58 amRNSPlacing
1st Aug 20247:57 amRNSTemporary Suspension of Listing
1st Aug 20247:30 amRNSSuspension - Pennpetro Energy Plc
22nd Jul 20247:00 amRNSGlobalvision Drilling Contractor Texas Oil Wells
18th Jul 202411:30 amRNSNotification of Major Holdings
17th Jul 20241:45 pmRNSNotification of Major Holdings
17th Jul 20241:41 pmRNSRevenue Deal Signed and 50/50 Lithium and Gas J.V
11th Jul 20249:01 amRNSNotification of Major Holdings
28th Jun 202411:18 amRNSNotification of Major Holdings
27th Jun 20242:57 pmRNSNotification of Major Holdings
18th Jun 20249:04 amRNSNotification of Major Holdings
28th May 20242:55 pmRNSNotification of Major Holdings
24th May 20248:22 amRNSNotification of Major Holdings
15th Apr 20242:07 pmRNSNotification of Major Holdings
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10th Apr 20244:15 pmRNSNotification of Major Holdings
10th Apr 20242:00 pmRNSNotification of Major Holdings
25th Mar 20241:40 pmRNSNotification of Major Holdings
25th Mar 20247:00 amRNSOperational Update and Director Changes
18th Mar 202412:38 pmRNSNotification of Major Holdings
11th Mar 20243:02 pmRNSNotification of Major Holdings
11th Jan 20243:38 pmRNSResults of AGM
28th Dec 20237:00 amRNSInterim Results for six months ended 30 Sept 2023
11th Dec 20236:11 pmRNSNotice of Annual General Meeting
11th Dec 20237:02 amRNSWorkover Rig Arrives Early Texas Chalk Talk Well
11th Dec 20237:00 amRNSHorse Hill Farmin Update
4th Dec 20237:00 amRNSExcellent Oil Production Statistics in Texas
22nd Nov 20232:07 pmRNSNotification of Major Holdings
21st Nov 20237:00 amRNSOil Production Doubles at Texas Chalk Talk 1H Well
16th Nov 20237:00 amRNSNotification of Major Holdings
14th Nov 20237:00 amRNSChalk Talk 1H Well Texas Production Update
7th Nov 20237:00 amRNSFirst Oil Trucked from Chalk Talk 1H Well in Texas
3rd Nov 20237:30 amRNSRestoration - Pennpetro Energy Plc
3rd Nov 20237:05 amRNSLifting of Suspension
30th Oct 20237:00 amRNSFirst Oil Production from Well in Texas
20th Oct 20238:19 amRNSPublication of Annual Report and Accounts
8th Sep 20237:00 amRNSTexas Oil Production Plans Update
1st Aug 20237:38 amRNSShort delay in Annual Report and Accounts
1st Aug 20237:30 amRNSSuspension - Pennpetro Energy Plc
19th Jul 20237:00 amRNSCompletion of Gonzales oil leases transaction
12th Jul 20233:02 pmRNSModifications to Previously announced Placing
27th Jun 202312:49 pmRNSIncrease in Texas Oil Leases and Placing
2nd May 20237:02 amRNSCorporate Update and Results for 6M (unaudited)
28th Apr 20237:00 amRNSChange of Accounting Reference Date

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