11 Jan 2017 07:00
11 January 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
ARGENTINA OPERATIONS UPDATE
President Energy (AIM: PPC), the oil and gas exploration company, provides the following update on its Argentina operations.
President announces that it has now entered into a contract for a workover rig in relation to the forthcoming multi-well workover campaign, the plans for which were announced at the time of the recent placing in November 2016.
The rig is to be provided by Quintana Well Pro S.A. and will be based at and dedicated to the Company's Puesto Guardian Concession (the "Concession") for a period of 12 months, thereby giving the Company significant flexibility in its rolling workover programme. It is expected that the rig will be mobilised to the Concession in the next four weeks after thorough acceptance testing.
First operations will commence in February with workovers of two producing wells which are presently under maintenance, together with the creation of a new water injector in a currently abandoned well. Workovers on old shut-in wells are due to commence during March 2017. The workovers include a frac programme on at least three of the old shut-in wells.
The Company reaffirms its target of 1,200 bopd production from Argentina by end summer 2017, as originally announced at the time of the November placing.
This announcement is inside information for the purposes of article 7 of Regulation 596/2014
Contact:
President Energy PLC Peter Levine, Chairman Miles Biggins, COO
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+44 (0) 207 016 7950 +44 (0) 207 016 7950
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Peel Hunt LLP (Nominated Advisor & Joint Broker) Richard Crichton, Ross Allister
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+44 (0) 207 418 8900 |
BMO Capital Markets (Joint Broker) Jeremy Low, Neil Haycock and Tom Rider
| +44 (0) 207 236 1010
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Vigo Communications Chris McMahon Patrick D'Ancona | +44 (0) 207 830 9700 |