President Energy PLC Argentina Production Update (0041I)
June 14 2017 - 2:00AM
UK Regulatory
TIDMPPC
RNS Number : 0041I
President Energy PLC
14 June 2017
14 June 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Argentina, Puesto Guardian Concession Workover Update
Successful start to campaign
President Energy (AIM: PPC), the upstream oil and gas company
provides an update on its work-over programme at its Puesto
Guardian Concession, Argentina.
The Company has achieved success since commencing the slated
programme of work on old shut in wells following on from the two
successful workovers of producing wells earlier in the year.
Three non-producing wells have been addressed to date. Of these,
Dos Puntitas 15 and Puesto Guardian 21 have now been tested at
initial production levels above expectation, ranging from 100 bopd
to 150 bopd per well without the need for fraccing. These wells are
expected to be completed and in full production by the end of
June.
The re-entry on the third well, Pozo Escondido 1, highlighted
the need for remedial work on the casing, which was outside of the
scope of the equipment and services readily available at this time.
Whilst the well has been suspended and removed from the immediate
workover sequence while its program is reviewed, the work on it to
date has demonstrated that it remains a valid candidate for
subsequent workover subject to it being economical to complete.
Due to the increased production at Dos Puntitas, the rig is
currently carrying out a conversion of Dos Puntitas 8 into a water
disposal well. These works are expected to be complete in two weeks
and then the rig will return to incremental oil production
workovers at the end of June.
The Company continues to target 1,200 Bopd from the Concession
by the end of September.
Peter Levine, Chairman and Chief Executive commented:
"The encouraging start to the workover campaign, with better
than expected results without the need of fraccing is pleasing.
Whilst there is always a calculated risk when re-entering wells
that have been dormant for many years, solid progress is now being
achieved.
The present objective for President is clear being to increase
production at the Puesto Guardian Concession from an increased
number of producing wells. This aim is being addressed step by
step".
Glossary
Bopd - Barrels of oil per day
Miles Biggins, BSc Joint Honours University College London, with
25 years of experience in the oil and gas sector, is a Petroleum
Engineer and member of the Society of Petroleum Engineers who meets
the criteria of qualified persons under the AIM guidance note for
mining and oil and gas companies, has reviewed and approved the
technical information contained in this announcement.
This announcement is inside information for the purposes of
article 7 of Regulation 596/2014
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +44 (0) 207 016 7950
Peel Hunt LLP (Nominated
Advisor & Joint Broker)
Richard Crichton, Ross Allister +44 (0) 207 418 8900
BMO Capital Markets (Joint
Broker)
Jeremy Low, Neil Haycock +44 (0) 207 236
and Tom Rider 1010
Vigo Communications
Chris McMahon
Patrick D'Ancona +44 (0) 207 830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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