29 Mar 2017 07:00
29 March 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
PUESTO GUARDIAN CONCESSION, SALTA PROVINCE, ARGENTINA
OPERATIONS UPDATE
President Energy (AIM: PPC), the oil and gas exploration company provides the following update on its Argentina operations.
Highlights
· Successful workover of the second previously producing well, DP1001
· Well back on stream contributing to total current Puesto Guardian Concession production of approximately 750 bopd
· Programme to work over and frac shut in wells to commence next week with the short delay due to heavy rains delaying inter-field Rig move
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Further to the Company's announcement on 10 March 2017, President is pleased to announce that the second workover of a previously producing well, DP1001 at the Dos Puntitas field, has achieved successful production substantially ahead of rates prior to it being shut-in.
The well, which previously had a stuck down-hole pump has been re-perforated and treated with an acid stimulation. It is achieving initial flush production which has elevated current Puesto Guardian Concession production, to approximately 750 bopd although this is expected to reduce to the range of 600-650 bopd after initial flush production from this well recedes.
The Rig will shortly move to the first well of the initial three well frac programme of old shut in wells. This is expected to commence next week as there has been a delay due to heavy rains affecting inter-field roads.
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Peter Levine, Chairman, commented:
"Good progress is being achieved on our operations and the DP1001 well is currently making a meaningful contribution to a welcome increase in total Argentine Group production. The initial three well frac programme is now next on the agenda with first results expected in June 2017."
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Glossary
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bopd - barrels of oil per day
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This announcement is inside information for the purposes of article 7 of Regulation 596/2014
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Contact:
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President Energy PLC Peter Levine, Chairman Miles Biggins, COO Â | Â +44 (0) 207 016 7950 +44 (0) 207 016 7950 Â |
Peel Hunt LLP (Nominated Advisor & Joint Broker) Richard Crichton, Ross Allister  |  +44 (0) 207 418 8900 |
BMO Capital Markets (Joint Broker) Jeremy Low, Neil Haycock and Tom Rider  |  +44 (0) 207 236 1010  |
Vigo Communications Chris McMahon Patrick D'Ancona | +44 (0) 207 830 9700 |
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