Oil Production Doubles at Texas Chalk Talk 1H Well

Highlights:

• Optimisation of PPP's Chalk Talk #1H well in Texas sees oil production more than double in the past week of testing.
• Oil production has increased to an average of 248 barrels of oil per day (bopd) in the last 6 days since last Wednesday.
• The previous week's oil production averaged 113 bopd.

London, 21 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 production testing continues at the Company's 100% Chalk Talk #1H ("CT1H") well and recent improvements in the well equipment configuration has seen oil production increase to an average of 248 bopd for the last 6 days, compared to the weekly average of 113 bopd announced on 14 November.

Since testing began 20 days ago, the CT1H well has produced 3,184 barrels of oil at an average of 159 bopd.

Oil sales to date total 1,973 barrels. Pennpetro has in place an oil sales agreement that will see the oil it sells for the month of November paid to Nobel Petroleum, its 100% Texas subsidiary, on the 20 December.

Tom Evans, Pennpetro Energy's CEO said:

"The results of the oil production from our CT1H well test are excellent. We continue to optimize the performance of this well some 20 days into testing. We are still seeing a generally increasing trend in our daily oil production, which is certainly highly encouraging. Extended well testing continues."