9 Dec 2021 07:00
9 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
Second well spudded Salta, Argentina
Detailed analysis supports produceability of oil in new well DP-2001
President will export oil in January
President Energy (AIM: PPC), the energy company with a diverse portfolio of energy assets provides an update on its oil and gas operations in Argentina
Highlights
· Well DP-2003 spudded at the Dos Puntitas field, Salta Province, Argentina
· Detailed petrophysical review of the logs from new well DP-2001 reinforce the deliverability of expected production with completion work on the well due to start next month
· President to export more oil from Argentina in January
Salta drilling
Drilling of the DP-2003 well at the Dos Puntitas field, Puesto Guardian Concession (President 100%) has now commenced with a projected drilling time of 23 working days (excluding logging and casing times).
Budget for the well is US$3.5m with a target depth of 3,270 metres and initial production level of 40 m3/d.
Detailed petrophysical analysis of the electric logs from the newly drilled DP-2001 well support the pre-drill oil production estimate of 40m3/d.
In the meantime, the preparations for the mobilisation of the workover rig to Salta to complete the new wells continue with expected arrival in January in order to commence operations in that month.
Export of oil from Argentina
In the light of continued robust international oil prices President expects to sell a substantial part of their January production by way of export, generating higher realisation prices with an increment of 20% to bottom line profitability for the relevant month. Whilst not anticipated every month it is hoped that the equivalent of up to a third of President's entire Rio Negro 2022 production can be sold in that way subject to the differential in pricing remaining constant
Contact:
President Energy PLC Nikita Levine, Investor Relations
| +44 (0) 207 016 7950 info@presidentpc.com |
finnCap (Nominated Advisor and broker) Christopher Raggett, Tim Harper
| +44 (0) 207 220 0500 |
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Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets.
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
President has in its portfolio Atome Energy PLC, it's hydrogen and ammonia production company, soon to be spun out and floated on AIM.
With a strong strategic and institutional base of support, including the international commodity trader and logistics company Trafigura, an in-country management team as well as the Chairman whose interests as the largest shareholder are aligned to those of its shareholders, President Energy gives UK investors access to an energy growth story combined with world class standards of corporate governance, environmental and social responsibility.
Further details on President and Atome can be found on their respective web sites and twitter accounts.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014