Pennpetro Energy Advances Texas Drilling Operations

Pennpetro Energy Plc (GB:PPP) has released an update.

Pennpetro Energy PLC has announced that Globalvision International U. LDA has appointed J&J Drilling International LLC to commence drilling operations in August on oil wells located in Gonzales County, Texas. This follows Pennpetro’s Heads of Terms agreement with Globalvision for the sale of shares in its subsidiary Nobel USA Inc, granting Globalvision a 12.5% Overriding Royalty Interest in the wells for an estimated 30 years of oil sales. CEO Tom Evans expressed optimism about the ongoing collaboration and the upcoming closing of the transaction.

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