LONDON (Alliance News) - President Energy PLC said Tuesday it has completed a workover programme on four wells in its wholly-owned Puesto Guardian area in Argentina, and has instigated a rolling programme of producing well workovers to mitigate normal field declines.
Workovers aim to improve the production of existing wells, and President Energy said the four well programme, which began on March 29, has increased production by 150 barrels of oil per day, with total production at the Puesto Guardian site now 500 barrels of oil per day.
The oil and gas exploration company, which has assets in Argentina and Paraguay, said the full cost of the programme was USD400,000, which is less than a third of the cost of the two well workover programme it completed in December. It said this lower cost was due to rig-less working with a pumping unit.
President Energy added it will now class its workovers as regular maintenance, implementing a rolling programme, and results from the workovers will be reported in updates on overall production.
"Each time we intervene in wells we learn more and more. The cost effective results from the latest programme have provided valuable and encouraging data for us to take into account in the design and completion of wells in the forthcoming drilling programme," Chairman Peter Levine added.
President Energy plans to drill new wells in Argentina during the second half of 2016.
Shares in President Energy were down 2.9% at 7.28 pence on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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