President Energy PLC - ARGENTINA UPDATE
("President", "the Company" or "
Seven well workover programme now commenced at Puesto Flores
Long term gas test of three wells in Estancia Vieja to commence in June
Three well drilling programme at Puesto Flores now to start September
· A seven-well workover programme at Puesto Flores has already commenced comprising six producing wells and one water injector
· Long term test of gas wells in Estancia Vieja field combined with sales of gas produced to commence next month
· Accelerated three well drilling programme at Puesto Flores to commence in September with rig and main contractors identified
Workover programme at Puesto Flores field
Following the success of our initial workover programme in early 2018 which materially increased production, the recently announced follow-on programme has now commenced and will cover seven wells, six of which are designated production wells and the other a water injector well. The work will take between 2-3 months and further announcements as to progress will be made in due course albeit not on a well by well basis due to the number of wells involved.
Estancia Vieja field
Preparation has commenced for the long-term gas testing of three formerly shut-in gas wells which will be initiated in June. The gas produced from these 45 day tests will be sold through state of the art mobile LNG units based at the Estancia Vieja Battery. If the tests prove successful, the wells will be seamlessly placed on production with gas sold through these same units. The test results will be analysed to assess the optimum production levels from these previously drilled wells, the size of the gas reservoir as a whole at Estancia Vieja and its field development. President does not rule out other routes to market/use of the gas subject to volume.
Currently President only sells a modest amount of gas from its Puesto Flores field receiving approximately
Drilling programme at Puesto Flores
This has now been accelerated further to start in September. The programme is now projected to comprise two development wells and one step out appraisal well. The inclusion of the step out appraisal well is due in no small part to the identification that not all production in this field can be explained as coming from four-way closures; there may be combined traps (stratigraphic and structural simultaneously) extending beyond the previously defined field boundaries within the Concession.
President notes the media attention given to matters concerning the peso exchange rate and inflation within
Such media attention has, to a certain degree, hidden last week's significant positive development in the
General Update and 2017 Accounts
The Company expects to announce its year end results in early June at which time the Company will also provide a further update on all of President's assets in both
"Action has commenced at our Neuquén Basin assets which will see us working continuously between now and the end of the year with the objective of achieving significant organic growth by the end of this year.
Our confidence and commitment to the country of
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Notes to Editors
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession,
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014
This information is provided by RNS
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