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1 Oct 2014 07:00
1 October 2014
PRESIDENT ENERGY PLC
("President" or "the Company")
Drilling Update
President is pleased to confirm that it has successfully completed the first stage of drilling on the Lapacho well and has cased the well to a depth of 3,200 metres, approximately 1,100 metres above the projected start of the target reservoir. The Company is now preparing to drill on to the Target Depth (TD). The timing of the well remains on track with TD expected to be reached approximately 70 days after spudding on 2 September.
The Lapacho well is targeting discrete, well-defined fault block trap with management estimates of 1Tcf of gas and 30 mmbbls of condensate of gross mean unrisked resources. The target reservoir is the deep Santa Rosa lying at a drill depth of 4,300 metres immediately below the Devonian shales. The Company does not expect to intercept the target reservoir until towards the end of the drilling timetable.
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
John Hamilton, CEO +44 (0) 207 016 7950
Ben Wilkinson, Finance Director +44 (0) 207 016 7950
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Canaccord Genuity Limited
Tim Redfern, Henry Fitzgerald-O'Connor +44 (0) 207 523 8000
Bell Pottinger
Gavin Davis, Henry Lerwill +44 (0) 203 772 2500
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