Pennpetro Energy PLC - Texas-focused oil and gas company - Plans to bring Whistling Straits 5H well in the Peach Creek oil field in Gonzales County, Texas, on to test production. Adds that oil production continues from its CT1H well. Adds that oil sales revenues continue from CT1H, with net oil sales for February totalling USD48,470.26.
Chief Executive Officer Tom Evans says: "Production continues to bring in revenues from our Chalk Talk 1H well in Texas and revenues are positively impacted with the steady rise in the oil price in Texas over recent months and oil prices now sitting above USD90 a barrel. We are optimistic that the next well intervention at the CT1H well will have a positive impact on future production levels and profitability, but this work plan is still being worked up and should hopefully be done this quarter."
Current stock price: 0.81 pence, down 4.7%
12-month change: down 73%
By Sabrina Penty, Alliance News reporter
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