20 Feb 2017 07:00
20 February 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
OPERATIONS AT PUESTO GUARDIAN CONCESSION, SALTA PROVINCE, ARGENTINA
President Energy (AIM: PPC), the oil and gas exploration company, provides the following update on its Argentina operations.
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.
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.
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.
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.
Further announcements will be made in due course.
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 |