10 Mar 2017 07:00
10 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 first workover of previously producing well, DP12, completed on time and budget
· Well back on stream with initial production in excess of 120 bopd in line with expectations
· Workover operations now commenced on the second previously producing well
· Commencement of the programme to work over and frac shut in wells on track to commence end March
Further to the Company's announcement on 20 February 2017, President is pleased to announce that the first workover of a previously producing well, DP12 at the Dos Puntitas field, has been completed on time and on budget.
The workover of DP12 went to plan with minimal non-productive time and the well, which had previously had a leak in the production packer and a faulty Jet Pump Bottom Hole Assembly, has been treated with an acid stimulation and is achieving an initial production in excess of 120 bopd, in line with expectations.
The rig has now moved to workover the second of the previously producing wells, DP1001 at the Dos Puntitas field, and operations have now commenced at that site after which the previously announced workover and frac programme of old shut-in wells is still expected to commence end March.
Peter Levine, Chairman, commented:
"A good start for the warm-up to the 2017 workover campaign where we have successfully broken in the Rig provided by our new drilling contractor Quintana, with the new crew and field management team bedding in and working efficiently. Pleasingly, no performance issues were experienced during drilling relating to the rig, crew or any other of President's contractors.
The experience gained so far stands us in good stead when we start to work over and frac the old shut-in wells come end of March onwards, targeting our objective of 1,200 bopd by end September 2017."
Glossary
bopd - barrels of oil per day
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 |