President Energy PLC - oil & gas company focussed on Latin America - Says its subsidiary Atome Energy PLC agrees with ANDE, the national electric power company of Paraguay, for the supply of up to 250 megawatts of power for its production facility.
In addition, President Energy reports spud of first new oil well in Puesto Guardian, Argentina. DP-2001 spudded after having been delayed due to logistical issues on the 1,950 kilometres journey to the well site. Drilling is expected to take 30 days at a cost of USD3.5 million.
Elsewhere, President Energy says a programme of workovers of two gas wells in Rio Negro Province, Argentina, has commenced. The cost of the workovers is USD500,000 and will be completed during November.
The workover of the Triche well in US state of Louisiana also has commenced and is projected to continue for three weeks to plug back, perforate and produce from a higher section in the well. The cost of the workover to President is expected to be USD500,000.
Current stock price: 2.09 pence, up 11% on Friday
Year-to-date change: up 16%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
