Pennpetro Energy PLC has been established as an oil & gas operator with an initial key asset currently at an early stage of development, being the bringing into production of the primary un-developed oil and gas reserves located within the central portion of the Gonzales Oil Field. The initial well has ben drilled and is currently undergoing completion with anticipated revenues available to the group in early 2018.
The company focus is to make complementary acquisitions of target companies, assets or businesses in the North American upstream petroleum sector – characterised by the process of acquisition of proven un-developed oil reserves and their extraction.
The Company has already initiated its activities within this mandate by having acquired all the shares of Nobel Petroleum UK Limited whose wholly owned subsidiary company, the North American oil company, Nobel Petroleum USA, Inc., is the holder of a valuable proven undeveloped petroleum asset situated onshore within the central zone of the City of Gonzales, Gonzales County, Texas, which the Company has already engaged in the drilling of its initial oil and gas well within the project area, and is now in the process of completing this initial well prior to the ongoing further development of the oil field, with the second horizontal well due to be drilled in first quarter 2018. Thereafter the drilling of the second well, there remains, on the current 320 spacing, a further 6 wells for development.
It is anticipated that during the first quarter 2018, that the company and its partners will undertake additional geological analysis of the oil field by the implementation of a modern 3D seismic survey programme, with an anticipation to be able to condense the unit acre spacing for new drill locations down from 320 to 80 acre spacing. This will add to the number of development wells that the Group will undertake.
The Company intends in the future to pursue what the Directors consider to be adequately proven, de-risked assets, capable of early production.