Pennpetro Energy PLC

("PPP" or "Pennpetro")

Pennpetro Announces First Oil Trucked from Chalk Talk 1H Well in Texas

Highlights:

·      First 2 tankers of 33 API oil trucked from Chalk Talk #1H well

·      Chalk Talk #1H well site and the oil facilities at Whistling Straits #5H site commissioned

·      Testing continues with initial oil production averaging around 100 bopd

·      Workover rig for PPP's Chalk Talk #4H well booked for early December

London, 7 November 2023 - Pennpetro Energy PLC (LSE: PPP), an independent oil and gas company focusing on development and production in the Peach Creek (Austin Chalk) Oil Field in Gonzales County, Texas, USA, advises that further to its RNS dated 30 October 2023, the Chalk Talk #1H ("CT1H") well has been on extended well test, the first two truckloads (170 bbls each) of 33 API oil have been dispatched from the oil storage facilities at the Whistling Straits #5H facility located 1,000 feet from the CT1H well.

The CT1H well site and oil storage facilities at WS5H site are now commissioned.

Initial oil production testing is now consistently yielding between 90 bopd - 110 bopd, which is significantly above the well's July 2022 shut in rate of around 15-20 bopd. This increase can be put down to the workover rig successfully cleaning out a number of bridge plugs (or blockages) below the bottom of the casing.

The well's production is still being optimised over this extended testing period and the Company will advise of flow rates and decline curves in due course.

Tom Evans, Pennpetro Energy's CEO said:

"Needless to say, the Company is very pleased with how the Chalk Talk 1H well is performing with the first oil tankers leaving site. The flow rates seen far exceeded our expectations, especially compared to its flow rates when the well was shut in over a year ago. We have also now booked the workover rig to be on site at our new Chalk Talk #4H well for early in December. Ideally, we would like to end this 2023 Calendar year with 2 wells on production. That is what our US management team are working towards. Then straight into the New Year, efforts will swing towards bringing our City of Gonzales #1 well and Whistling Straits #5H well online. I look forward to making regular updates over the coming weeks during this busy time in Texas."

Qualified Person's Statement:

Deane Pierce, Nobel's Executive Vice President Engineering, who has 45 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr. Pierce graduated with a BS Mechanical Engineering from Texas Tech University, has an MBA Finance from Dallas Baptist University and is a Registered Petroleum Engineer #56733. Mr. Pierce also has numerous industry publications dealing with drilling and production optimization with an emphasis on horizontal completion and inflow control.

-ENDS-

This announcement contains inside information within the meaning of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014, as amended (the "EU Market Abuse Regulation") and (ii) the EU Market Abuse Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.

For further information visit www.pennpetroenergy.co.uk or follow us on twitter @pennpetro or contact:

NOTES TO EDITORS:

Pennpetro Energy is an independent oil and gas company focusing on production in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted to the Official List of the London Stock Exchange by way of a Standard Listing on 21 December 2017 with the ticker symbol "PPP".

Its wholly owned subsidiary, Nobel Petroleum USA Inc. has a 100% Working Interest in 2,036.38 acres in Gonzales County in Texas. These acres include the Whistling Straits #5 well and the Chalk Talk #1H and #4H wells. Noble also has a Participation, Development and Option Agreement and Joint Operating Agreement with Texas based Millennium PetroCapital Corporation over a 250,000-acre Area of Mutual Interest in Gonzales County, Texas, aimed at exploiting the prolific proven Austin Chalk oil and gas play. Pennpetro Energy has also recently signed a conditional binding agreement to conduct a new 3D seismic survey on the Horse Hill Oil Field near London's Gatwick Airport which paves the way to drilling the next production well (HH-3) for 49% of the revenue of this proposed well.