11th Mar 2019 11:40
LONDON (Alliance News) - Texas-focused oil & gas company Pennpetro Energy PLC said on Monday it has increased its interest in the Gonzales oil field, onshore Texas, to 75% from 50%.
The extra stake was acquired by crediting USD1.1 million of outstanding receivables.
Specifically, Pennpetro has increased its holding in the petroleum mineral leases that comprise the undeveloped central portion in the Gonzales field.
As a result of the acquisition, Pennpetro is now estimated to have a working interest in the leases portfolio of 3.0 million barrels of oil and 1.5 billion cubic feet of gas.
Also, the company has an undiscounted net revenue interest of USD93 million at an average price of USD55 per barrel at the West Texas Intermediate grade.
Shares in Pennpetro Energy were untraded on Monday, last quoted at 61.45 pence.
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