9th Aug 2019 11:54
(Alliance News) - Oil and gas firm Pennpetro Energy PLC said Friday it has acquired the remaining working interest in the leasehold petroleum interests within the city of Gonzales, Texas.
Pennpetro previously had a 75% interest, and acquired the remaining 25% from several parties in line with contractual obligations within the joint operating agreement.
As a result of the acquisition, Pennpetro is now estimated to have a working interest in 4.0 million barrels of oil and 2.00 billion cubic feet of gas.
In addition, the company's undiscounted net revenue interest in the petroleum leases now amounts to USD124 million at an average price of USD55 per barrel at the West Texas Intermediate grade.
Shares in Pennpetro Energy were untraded on Friday, last quoted at 63.00 pence in London.
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