Phoenix Global Resources PLC Drilling Update (5853D)
04 Marzo 2022 - 1:00AM
UK Regulatory
TIDMPGR
RNS Number : 5853D
Phoenix Global Resources PLC
04 March 2022
4 March 2022
Phoenix Global Resources plc
("Phoenix" or the "Company")
Drilling Update
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company, announces an update on drilling activity at
various licences.
Mata Mora
The Company has commenced the drilling activity for Pad 2, which
consists of three wells with 2,600 metre horizontal lateral lengths
and 37 frac stages. The Company finished drilling three vertical
sections, to depths of 2,314 metres, 2,280 metres and 2,316 metres
and two horizontal branches navigating the Vaca Muerta formation,
whilst the third lateral section is currently being drilled and
will then commence completion activities. The Company is planning
to commence the Pad 3 program by mid-March 2022.
The early production facilities are under construction, works
are being carried out on the oil and gas treatment and measurement
stations and flowline tie-ins to oil and gas evacuation pipelines
are being installed. This will enable the Company to avoid flaring
in-line with the Company's sustainability goals.
Corralera South
The Company has completed the drilling of a vertical exploration
well to a depth of 3,639 metres and its horizontal branch with a
2,134 metre lateral length and 30 frac stages, navigating the Vaca
Muerta formation. The well is currently under flow back testing and
is producing high volumes of water with oil traces with a high
presence of CO . Water and gas samples have been taken to run
laboratory analysis to understand their origins .
Corralera North-East
The Company has finished the drilling of a vertical exploration
well to a depth of 2,970 metres and its horizontal branch with a
2,000 metre lateral length and 29 frac stages, navigating the Vaca
Muerta formation. The initial flow back testing has been completed,
which produced high volumes of water and low volumes of oil with a
high presence of CO . The well is currently shut in for well
testing with pressure build up, isotope sampling and tracer
analysis currently being carried out.
Rio Atuel
The Company has executed the drilling and completion activities
of a conventional vertical exploration well. The well was drilled
to a depth of 2,131 metres penetrating the Huitrin and Chachao
formations. After stimulating the well, oil in the two formations
has been tested. Initial flow rates are in-line with expectations
with a low water cut. The well is currently in production and under
initial evaluation, which is expected to complete by the end of
March 2022.
Phoenix continues to meet the target dates in its challenging
schedule, whilst maintaining a focus on operational excellence,
cost management and quality of delivery.
It is too early to draw any final conclusions and a further
update on activity and the results of the ongoing tests and
evaluation will be provided at the appropriate time.
For further information, please contact:
Phoenix Global Resources plc Pablo Bizzotto, CEO T: +54 11 5258 7500
Nigel Duxbury, CFO T: +44 20 3912 2800
Shore Capital Toby Gibbs T: +44 20 7408 4090
Nominated Adviser and Joint David Coaten
Broker
Panmure Gordon John Prior T: +44 20 7886 2500
Joint Broker Atholl Tweedie
Qualified Person Review
In accordance with AIM guidance for mining, oil and gas
companies, Mr. Cristian Espina has reviewed the information
contained in this announcement. Mr. Cristian Espina, Chief
Operating Officer for the group, is a petroleum engineer with over
20 years of experience in the oil and gas industry and is a member
of the Society of Petroleum Engineers.
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on both the London Stock Exchange (AIM: PGR) and the Buenos Aires
Stock Exchange (BCBA: PGR) and offers its investors an opportunity
to invest directly into Argentina's Vaca Muerta shale formation and
other unconventional resources. The Company has over 0.9 million
licenced working interest acres in Argentina (of which
approximately 0.7 million are operated), 18.8 million boe of
working interest 2P reserves and average working interest
production of 4,549 boepd in 2020. Phoenix has signi cant exposure
to the unconventional opportunity in Argentina through its
approximately 0.6 million working interest acres with Vaca Muerta
and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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