LONDON (Alliance News) - President Energy PLC on Monday said that its ongoing workovers of two wells in Argentina are progressing to plan and budget, with full workover results expected in mid-January 2016, and results so far are "very encouraging".
President Energy is an oil and gas exploration company with assets in Argentina and Paraguay.
The company said that production during well testing at intermediate steps in the workover and stimulation programs achieved an initial two-day rate of 175 barrels of oil per day, "substantially in excess of expectations".
President Energy will make a further announcement at or before mid-January when the workover programmes have been completed and both the DP10 and DP12 wells have had a lengthy period of production.
President also said that David Jenkins and David Wake-Walker are retiring as non-executive directors and won't be immediately replaced. It said Rob Shepherd will become senior non-executive director.
Shares in President Energy were down 6.1% at 5.50 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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