Pennpetro Energy PLC announced that further to its RNS dated 8 September 2023, it has now completed the workover of the Company's new 100% owned Chalk Talk #1H ("CT1H") well and the well has successfully been put on to test production with full time production expected later this week. At the CT1H well, the workover rig successfully pulled the old production tubing, cleaned the well of blockages, and run a new Electric Submersible Pump with production tubing run to a depth of 7,597' Measured Depth. The workover rig demobilized from site on 22 October.

The ESP was commissioned on Tuesday 24 October and produced about 500 barrels of fluid to temporary tanks at the CT1H well site over the first 15-hour period before being shut in, as the surface tanks on site installed for the pump tests had surprisingly reached capacity. The flow line from the CT1H well was then connected the following day (25 October) to the surface facility at its Whistling Straits 5H ("WS5H") well pad. Flow rates, when the well is on pump, appear to be stabilizing at around 35 barrels of fluid per hour (840 barrels of fluid per day).

While it is too early to determine the water cut, the company expects it to be close to 50%, based on historical production from the well and initial indications appear to support this. The company will report a more accurate assessment on water cut once full production to the facilities has been stabilized over the course of the next few weeks.