30 Jan 2013 07:00
January 30th, 2013
PRESIDENT ENERGY PLC
("President Energy" or "the Company")
Operational Update
President Energy (AIM: PPC) today provides an update on its operations in Louisiana, Paraguay and Argentina.
Highlights
·; Drilling success in Louisiana - 30 feet of net oil bearing pay identified
·; Progress on track in Paraguay - over 450kms of line clearing already completed
·; Operations in Argentina - initial three well frac programme poised to resume
Louisiana
Well A-54 at President's East White Lake Field (President 21.75% net revenue interest) has been drilled to a depth of 9400 feet. Logs have successfully identified approximately 30 feet of net oil bearing pay.
The well has now been cased and lined ready for completion. Production is estimated to commence in approximately four weeks, following the completion using a work-over rig which is currently in the process of being mobilised. Flow rates will be announced once the well is completed.
Paraguay
Progress remains on track in Paraguay with over 450kms of line clearing already completed.
It is anticipated that the shooting of the 780 sq kms of 3D and 100 kilometers of 2D seismic will commence around the end of March and be completed in June, as previously announced. Initial results after processing and interpretation will be available in the first part of Q4.
President is confident that the 3D seismic programme will successfully enable us to high grade and more accurately assess the volumetrics of the first prospects for the drilling programme commencing in approximately 12 months.
Argentina
Operations in Argentina, comprising an initial three well frac programme, are poised to resume shortly, at the end of the expected rainy season. A further announcement will be made on commencement of those operations which will include the findings of the detailed independent re-mapping exercise carried out on Puesto Guardian field. Initial results of the frac programme are anticipated around the end of the first quarter of this year, subject to weather.
Dr. Richard Hubbard, PhD Geology Stanford University, with 35 years of experience in the oil and gas
sector, as President Chief Operating Officer, who meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.
Contact:
President Energy PLC
John Hamilton, CEO +44 (0) 207 811 0140
Ben Wilkinson, Finance Director +44 (0) 207 811 0140
RBC Capital Markets
Jeremy Low, Matthew Coakes, Daniel Conti +44 (0) 207 653 4000
Jefferies Hoare Govett
Simon Hardy, Max Jones +44 (0) 207 029 8316
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme, Henry Lerwill