Criteria for the confinement of plasmas consisting of a positive and negative component in Penning type traps with nested electric potential wells are presented. Computational techniques for the self-consistent calculation of potential and plasma density distributions are developed. Analyses are presented of the use of nested well Penning traps for several applications. The analyses include: calculations of timescales relevant to the applications, e.g. reaction, confinement and relaxation timescales, self-consistent computations, and consideration of other physical phenomenon important to the applications. Possible applications of a nested well penning trap include production of high charge state ions, studies of high charge state ions, and production of antihydrogen. In addition the properties of a modified Penning trap consisting of an electric potential well applied along a radial magnetic field are explored
