RNS9 Jan 2019 07:10
looks like i bought back at the right time :)
PRESIDENT ENERGY PLC
("President", "the Company" or "the Group")
President beats year-end 2018 net Group production target of 3,000 boepd
Group production increases over 50% year on year*
Third new well at Puesto Flores field successfully tested and placed on production
Expected significant increase in 1P Proven reserves at the Company's Rio Negro assets in upcoming audit
Investor Conference call to be held today at 10.30am
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update relating to Group net production as well as its Concessions in the Rio Negro Province, Argentina (President 90% and operator - Edhipsa 10%).
Group production
President is pleased to announce that it has beaten its 3,000 boepd target for net Group production exit year end 2018.
The Company is producing at a net Group level of approximately 3,300 boepd. This represents an increase of over 50% year on year* and is being achieved without the benefit of any contribution from the Las Bases Concession and with only a limited contribution from the Puesto Prado and Estancia Vieja fields, all in Rio Negro Province, Argentina. Commercial gas sales from the Las Bases and Estancia Vieja Concessions are expected to commence by the end of Q1 2019.
Production in the Puesto Guardian field in Salta Province remains stable as does production from President's interests in Louisiana, USA.
Well PF0 1005
This well has now been successfully tested and placed on production with initial levels of approximately 250 bopd, being in excess of expectations. Both the Punta Rosada and the Lotena formations are producing on a co-mingled basis.
Management expect that the next Reserves Audit, due to be published in March 2019, will show a significant increase in 1P Proven reserves at the Company's Rio Negro Concessions due to the successful drilling and workover campaigns delivered in 2018.
This latest result means the three well drilling programme has met with 100% success. All wells are now producing and were delivered on time and budget. Management are now monitoring overall field performance in line with good reservoir management practice with the objective of maximising monthly average production and minimising downtimes.
Projected operational activity in Q1 2019
Operational work in the first quarter of 2019 will include, but will not be limited to:
1. Preparation and planning of the next drilling campaign in Argentina due to commence in Q2 ramping up into H2 as well as long lead planning for 2019 exploration in Paraguay;
2. Workover campaigns in Rio Negro to bring on new production from currently shut-in wells in the Puesto Prado and Estancia Vieja fields, further enhancing economies of scale;
3. Commenceme
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