16 Dec 2021 07:00
16 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
Drilling in Salta, Argentina proceeding according to plan
Louisiana well workover rig completed work with swabbing to commence
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 and Louisiana
Highlights
· Well DP-2003 drilling on, now at over 1,200 metres with surface casing successfully run and cemented
· Remaining time for the drill to reach target depth estimated at 10 days
· Workover of Triche well in Louisiana completed, rig moved off location with swabbing now in progress to bring well on stream
Salta drilling
Drilling of the DP-2003 well is proceeding on plan and now at over 1,200 metres having successfully run and cemented the surface casing.
The plan is to continuously drill to target depth which at this rate of progress is expected to be reached in approximately 10 days. After that it is necessary to allow a further 7-10 days (allowing for Christmas) for running electric logs, running casing to the bottom and cementing.
Louisiana
The workover rig at the Triche well has now been moved off site having completed its work, being replaced by a smaller barge and a swabbing and wireline unit to get the well back into production.
The work is running slightly over budget at this stage and over expected time due to down hole issues encountered caused by the manner in which this well was drilled and completed by the previous operator. The original expectations for this well remain.
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.
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