Chalk Talk 1H Well Texas Production Update

Highlights:

• First full week of test production from Chalk Talk #1H well sees consistent oil production.
• Oil production of 794 barrels for the week or 113 barrels of oil per day average.
• Workover rig for PPP's Chalk Talk #4H well still on track for early December.
• Transport and oil sales agreement signed that sees PPP being paid on the 20th day after the end of every month.

London, 14 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 the Company's 100% Chalk Talk #1H ("CT1H") well has completed its first full week of test production, since the workover rig demobilized from the well site and the sites were fully commissioned, with a total of 794 barrels of 33 API oil for an average of 113 barrels of oil per day ("bopd").

Current production levels are 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.

Tom Evans, Pennpetro Energy's CEO said:

"Our Chalk Talk 1H well in Texas is continuing to perform very well and shows excellent flow rates with last week's test production averaging 113 barrels of oil per day."

"Our US Nobel Petroleum Team have also managed to secure a transport and sales contract that will see oil sold from our Whistling Straits oil facilities paid for on the 20th day after the end of every month."

"The workover rig is still due to arrive at PPP's 100% owned Chalk Talk #4H well in early December and we look forward to having two wells feeding into the Whistling Straits facilities by year end."