20 Feb 2017 07:00
20 February 2017
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PRESIDENT ENERGY PLC
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("President", "the Company" or "President Energy")
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OPERATIONS AT PUESTO GUARDIAN CONCESSION, SALTA PROVINCE, ARGENTINA
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President Energy (AIM: PPC), the oil and gas exploration company, provides the following update on its Argentina operations.
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Further to the Company's announcement on 11 January 2017, President is pleased to announce that the work-over rig has been mobilised to the first well location, and that operations have already commenced.
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The Puesto Guardian Concession workover programme will initially focus on the workovers of two producing wells which are presently under maintenance followed by the planned workovers on old shut-in wells.
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The workover plans feature a multi well frac programme in batches of three for cost efficiency together with creation of a new water injector in a presently shut-in well. Schlumberger, President's frac contractor, is working closely with the Company's team to ensure optimal well design and production capability.
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The Company maintains its target of 1,200 bopd production from Argentina by end summer 2017 and is fully funded for its well workover programme.
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Further announcements will be made in due course.
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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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