President Energy PLC - Argentina Workover Update
("President", "the Company" or "
Canada Grande field back in production after many years
Since the last workover update on
The Concession, by way of reminder, consists of five main fields, four of which (Dos Puntitas, Pozo Escondido, Puesto Guardian and
However, the fifth field, Canada Grande, had not seen any consistent production activity since 2011. The workover at CGr-20, which last produced 32 years ago in 1985, involved perforating a previously ignored and untouched 5-metre section of reservoir which the President team identified as potentially oil bearing, situated above the old production zone in the Cretaceous level which had ceased to flow.
The well has on a two day test successfully and steadily free flowed good quality light oil, 43 degree API at rates in the range of 50-80 bopd without the need for the previously planned stimulation or downhole pump.
Accordingly, steps are now being taken to hook up this well to the Puesto Guardian field battery as the Canada Grande field is in a remote location having had its infrastructure removed some time ago.
The successful test results and steady oil flow has encouraged President to consider other old wells in the Canada Grande field as well as undrilled prospectivity there.
In the meantime, the Rig is now moving back to the Puesto Guardian field for the next workover at Well PG-19. In parallel, facility upgrades continue to take place with the emphasis on replacing old equipment, maintaining production with the minimum of shut downs and bringing in more powerful surface pumps to more adequately handle the increased gross fluids being produced.
"In the face of a remote location and varied downhole challenges in a 30 year old well, to bring the fifth field at our Puesto Guardian Concession back into contributing production after many years is a commendable achievement. The fact that we are producing oil from a previously ignored zone in the reservoir gives us an impetus to look at the field with fresh and increasingly educated eyes."
"We now move forward to the next workover at Well PG-19 in the Puesto Guardian Field"
"The success underlines the advantage of President having 34 years of its production licence remaining giving the Company ample opportunity to produce out, at its discretion with regard to timing, its almost 20MMBOE of independently audited 2P Reserves".
Degree API is a measure of how heavy or light is a petroleum liquid. The higher the figure the lighter it is.
Bopd means barrels of oil per day
MMBOE means million barrels of oil equivalent
2P means proven and probable reserves
This announcement is inside information for the purposes of article 7 of Regulation 596/2014
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