First Oil Trucked from Chalk Talk 1H Well in Texas

Highlights:

• First 2 tankers of 33 API oil trucked from Chalk Talk #1H well
• Chalk Talk #1H well site and the oil facilities at Whistling Straits #5H site commissioned
• Testing continues with initial oil production averaging around 100 bopd
• Workover rig for PPP's Chalk Talk #4H well booked for early December

London, 7 November 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on development and production in the Peach Creek (Austin Chalk) Oil Field in Gonzales County, Texas, USA, advises that further to its RNS dated 30 October 2023, the Chalk Talk #1H ("CT1H") well has been on extended well test, the first two truckloads (170 bbls each) of 33 API oil have been dispatched from the oil storage facilities at the Whistling Straits #5H facility located 1,000 feet from the CT1H well.

The CT1H well site and oil storage facilities at WS5H site are now commissioned.

Initial oil production testing is now consistently yielding between 90 bopd - 110 bopd, which is significantly above the well's July 2022 shut in rate of around 15-20 bopd. This increase can be put down to the workover rig successfully cleaning out a number of bridge plugs (or blockages) below the bottom of the casing.

The well's production is still being optimised over this extended testing period and the Company will advise of flow rates and decline curves in due course.

Tom Evans, Pennpetro Energy's CEO said:

"Needless to say, the Company is very pleased with how the Chalk Talk 1H well is performing with the first oil tankers leaving site. The flow rates seen far exceeded our expectations, especially compared to its flow rates when the well was shut in over a year ago. We have also now booked the workover rig to be on site at our new Chalk Talk #4H well for early in December. Ideally, we would like to end this 2023 Calendar year with 2 wells on production. That is what our US management team are working towards. Then straight into the New Year, efforts will swing towards bringing our City of Gonzales #1 well and Whistling Straits #5H well online. I look forward to making regular updates over the coming weeks during this busy time in Texas."