Pennpetro Energy PLC - Texas-focused oil and gas company - Provides interim update from the Chalk Talk 1H well testing program. Says well has experienced a number of top-of-well and bottom-of-well technical issues, since update in December, which required technical intervention and resulted in a sustained fall in overall daily production. Although repairs have been made, oil production has not been restored to the high levels seen in November. Says the CT1H well has now been put back to pump and current oil production is running at between 30 barrels of oil per day and 70 barrels of oil per day. Further work is planned to get the CT1H well back into much higher oil production rates.
Current stock price: 0.74 pence, down 22% in London on Monday
12-month change: down 85%
By Jeremy Cutler, Alliance News reporter
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