President Energy PLC - Operational Update
("President", "the Company" or "
Q4 2017 work programme at Puesto Flores / Estancia Vieja Concession commences
- Initial work programme to commence in the next month through to the end of the year, funded out of existing cash flow
- Plan comprises of the workover of three firm wells and two additional contingent wells
- Of the five wells, four were shut in prior to President's acquisition
- Objective of the work is to bring back into production the wells and test by-passed intervals which during original drilling demonstrated evidence of hydrocarbons
"We are hitting the ground running at Puesto Flores following our acquisition of these oil producing assets less than three weeks ago, on
Q4 2017 work programme
President will shortly commence its initial work programme at the Puesto Flores Field at the Concession. Work will continue from November through to the end of the year and will consist of three firm well workovers with another two wells contingent.
All bar one of these wells have been shut in for some time and the objective of the work is to bring the wells back into production and in addition in certain wells open a number of previously unperforated and untested by-passed intervals which during original drilling demonstrated fresh oil shows and bright fluorescence in the cuttings.
This capital expenditure will be funded out of cash flow and the wells, being served by electrical submersible pumps from the main power grid, will be capable of being placed on production at the end of the year should work be successful.
The programme is a first step to what will be an increasingly intensive programme running through 2018 which is slated to include multi-workovers, re-completions and drilling.
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Notes to Editors
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession,
Bopd:barrels of oil per day
Boepd:barrels of oil equivalent per day
Mmboe: million barrels of oil equivalent
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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