Pennpetro Energy Share Discussion Threads

[goforgold1] 06/1/2024 13:03

David Lenigas keep way away from him you will lose all your money total scammer . Plus the big one liar

[z1co] 06/1/2024 12:15

Watch the video from 4 weeks ago.

David Lenigas is saying 15 to 20 wells but i think that might be far too many to achieve unless they have two workover rigs.

[wrtmf] 06/1/2024 10:42

at this time they would want a good run on well workovers, so i'm thinking in terms of which is the easier task, a well shutdown for covid or the well the prev operator failed to bring up drill fluid from [whistling straits 5h]. all part of the review process, find out soon

i'd ignore '10' for now - one well at a time...

[z1co] 06/1/2024 10:27

wrtmf ,

As the company starts generating revenue from the first two wells they will be in stronger position financially to be able to keep the workover rig.

The company is planning to complete at least 10 wells this year it makes sense have the workover rig continuously.

In the next update we'll get more info about the workover rig and which well they will complete after CT4H.

[wrtmf] 06/1/2024 08:39

it would be good news if they could keep the workover rig and crew for the 3rd well and commence immediately. maybe City of Gonzales #1 - couldn't find much on it in old rns except shutdown for covid. just 5 rns in 2020


30jun2020 - 'Moving on to our oil assets, our US-operating teams concentrated on the development of the Buda formation which was encountered during the drilling of our initial well, and as previously advised, was significant in providing drill proven reserves over our lease holdings. During 2019, our US operations encountered electricity delivery issues due to redevelopment work required for the City of Gonzales electrical grid system. This resulted in delays and several stop-starts to our operations. We successfully replaced damaged jet pumping units and ancillary power units and resumed pumping from the well in the latter part of 2019. In April 2020, the Covid-19 pandemic caused us to put our operations in Gonzales on hold. We continue to monitor the situation in Gonzales and whilst there is still a degree of uncertainty with recent coronavirus issues, we plan to re-enter the completed horizontal 3,300-foot lateral extension portion of the initial well COG#1, with a focus on pumping from reservoirs in the Austin Chalk formation.'

[z1co] 03/1/2024 12:01

I'm very tempted to buy a few more on this pullback but waiting for the update before i pull the trigger.

Workover rig arrived on site for CT4H on the 08/12/2023 , it's been nearly 4 weeks.

News cannot be too far away.

Capped of only £2m.

[z1co] 28/12/2023 19:38

An rns is likely next week giving an update on how much oil was produced and sold from CT1H during December and also the early flow rates from CT4H.

The company will start earning a decent amount of cash from January 2024 from the two wells at around $450,000 to $500,000 per month.

Not bad for a company valued at £2m.

[z1co] 28/12/2023 14:36

2024 will be a very successful year for PPP:

"If the current oil price environment holds up this year it and allows the Company to move towards it aims of being a positive cashflow oil developer and producer.We see excellent opportunity for growth in 2024".

[z1co] 28/12/2023 14:30

A few always sell on the news regardless.

[purple11] 28/12/2023 13:43

you would have thought the sellers would have been more forward thinking.

[stockport loser] 28/12/2023 09:03

And 161 bopd was an average for the month with 2 days no production and exit prod rates over 200 bopd. S December revenue could be easily 20% higher depending on oil price achieved.

[stockport loser] 28/12/2023 08:41

Not every well will produce the same, although they have already stated oil is flowing. If you look at the RNSs from last drill they gave no bopd figure initially as it cleaned up, then by mid Nov they gave update it was circa 100 bopd. At a guess we will get update by 10th Jan on December production and flow rates for this well.

[z1co] 28/12/2023 08:34

wrtmf

Was thinking the same myself :)

$0.5m per month and then you have workovers on Whistling Straits #5H and City of Gonzales #1 wells.

[wrtmf] 28/12/2023 08:26

potentially $0.5m/month generated from feb, paid from 20mar?
[edit - mcap £2.16m]

[stockport loser] 28/12/2023 08:12

Similar to first drill they need a bit of time to get production levels up after the ESP is in place. Should hear in next couple of weeks.

[bad gateway] 28/12/2023 07:36

If they're calling it successful there must be some level of production I'd of thought but they do seem to have fairly long testing periods judging by CT1H.

[z1co] 28/12/2023 07:33

Outlook for 2024;

The new ventures announced since March of this year are transformational for Pennpetro and we see excellent opportunity for growth in 2024. The board takes this opportunity to thank shareholders, old and new, its management, consultants, and advisers for their continued support and if the current oil price environment holds up this year it and allows the Company to move towards it aims of being a positive cashflow oil developer and producer.

[z1co] 28/12/2023 07:32

From the above is CT4H is already producing ?

[z1co] 28/12/2023 07:19

Cash received in November was US$329,658.09 (after tax) which equates to US$255,032.62 net revenue interest (after taxes and royalties).

The well is still on extended testing.

The workover of Chalk Talk 4H well commenced on 8 December and is ongoing.

The company also said :

"Our initial workovers at Chalk Talk 1H and Chalk Talk 4H have proved successful for Pennpetro and are now generating solid cashflow."

[z1co] 27/12/2023 15:11

Buying upped to 2.27p from 2.2345p

[z1co] 27/12/2023 10:53

The trades at 2.2345p are buys.

[z1co] 26/12/2023 18:39

The share price is poised to explode to the upside when the company issues the next update regarding the wells CT1H and CT4H.

[z1co] 22/12/2023 12:11

Edit with 10 workovers they will be producing in excess of 1000 bopd

[z1co] 22/12/2023 12:07

I was hoping for a update this week but has not happened , the company will most likely give an update next week after the Xmas holidays.

CT4H should also flowing by next week considering the rig arrived on the 8th December.

If the company does workover on at least 10 wells in 2024 the shares will do very well

They are aiming for 15 to 20 workovers in 2024.

[z1co] 21/12/2023 09:56

Oil from CT4H to flow very soon :)