LONDON (Alliance News) - Andes Energia PLC on Monday said its production has increased since June, after it drilled new wells in the Chachahuen region of Argentina.
The oil and gas company focused on Latin America said it had increased production at its Chachahuen site by approximately 1,469 barrels per day since the end of June last year, following the drilling of 26 new wells. It said it now had 97 wells on stream producing 5,989 barrels per day, with 1,197 barrels net to Andes.
Andes Energia said its ongoing water flood project had already doubled the average rate of injection and it had been given a licence extension for the Chachahuen Norte sub-block, to explore the potential of the zone.
"Chachahuen has proven to be a high quality oil asset characterized by a significant ongoing development plan with excellent exploratory results to date with new prospects and leads identified encouraging us to continue with this exploration and development program. The excellent results to date are an important step towards understanding and untapping the overall potential and commerciality of the block," said Chairman Nicolas Mallo Huergo.
Andes Energia shares were trading up 0.7% at 17.88 on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.