(Alliance News) - President Energy PLC has spudded a new gas well in Argentina, it said on Friday.
The oil and gas company announced its EV-1001 well at the Estancia Vieja field in Rio Negro, Argentina, has spudded ahead of schedule to a target depth of 1,850 metres. With an estimated cost of USD1.8 million, President projected initial production of 350 barrels of oil equivalent per day.
In a brief statement Chair Peter Levine said: "Progress continues. Onwards and both upwards and downwards as the case may be."
It also announced the workover of its LB-1001 well in the Las Bases field, Rio Negro had been successfully completed. Testing revealed free flowing gas production of more than 350 boepd. Eventual production levels of 470 boepd were considered achievable, it said.
President Energy shares were up 1.1% at 2.28 pence each in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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