TIDMPPC
RNS Number : 9793B
President Energy PLC
14 October 2020
14 October 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
Drilling Update
President Energy (AIM: PPC), the energy company with a diverse
portfolio of production and exploration assets, provides an update
in relation to its drilling operations at the Estancia Vieja and
Las Bases fields, Rio Negro, Argentina.
Key points
-- Drilling commenced at EVN-x1
-- Targeting a new undrained structure with potential up to 14
MMbbls of oil in place and 26 Bcf of gas
-- Workover rig now completing the newly drilled LB-1001 well
-- Subject to successful testing LB-1001 expected in production by first part November
Drilling Programme
The exploration well EVN-x1 at the Estancia Vieja field, Rio
Negro Province, has now been spudded.
As previously announced, the intended target is an undrilled and
undrained structure within the larger Estancia Vieja field where
the P50 success case for this well is oil of 40m(3) /d (250 bopd)
and gas of 60,000m(3) /d (350 boepd) and where the structure as a
whole could contain between 5-14 Mmbbls of oil in place and between
11-26 Bcf of gas. In the event of success, it would open the
possibility of some 6 follow on wells of which 5 would likely
target gas and the other oil. There are no current reserves booked
for any part of this structure.
The cost of the well is estimated at US$2.5 million with
approximately 28 days to drill down to the 2,000 metres target
depth.
A further announcement will be made once target depth is reached
and logging of the well has taken place, estimated to be by the end
of November.
A workover rig has now been moved to the newly drilled well
LB-1001 at the Las Bases field in order to complete the well ready
for testing and then production. A further announcement in relation
to this well is expected to be made before the end of October. In
respect of the workover programme, a summary of the work and
results will be provided at the end of the year.
Investor Meet
President Energy Plc is pleased to announce that Peter Levine
(Chairman) and Rob Shepherd (Group FD) will provide a live
presentation on unaudited Interim results for H1 2020 via the
Investor Meet Company platform on Monday 26th October 2020 at
11:00am.
The Company is committed to ensuring that there are appropriate
communication structures for all elements of its shareholder base
so that its strategy, business model and performance are clearly
understood.
-- The online presentation is open to all existing and potential shareholders.
-- Questions can be submitted pre-event via your IMC dashboard
or at any time during the live presentation via the "Ask a
Question" function. Although the Company may not be in a position
to answer every question it receives, it will address the most
prominent within the confines of information already disclosed to
the market. Responses to the Q&A from the live presentation
will be published at the earliest opportunity on the Investor Meet
Company platform.
-- Investor feedback can also be submitted directly to
management post-event to ensure the Company can understand the
views of all elements of its shareholder base.
Investors can sign up to Investor Meet Company for free and add
to meet President via:
https://www.investormeetcompany.com/president-energy-plc/register-investor
Investors who have already registered and added to meet the
Company will be automatically invited.
Glossary:
Bcf means Billions of cubic feet of gas
Bopd means barrels of oil per day
Boepd means barrels of oil equivalent (oil and gas) per day
EV means the Estancia Vieja field in the Puesto Flores/Estancia
Vieja Concession, Rio Negro, Argentina
LB means the Las Bases Concession, Rio Negro
M(3) /d means cubic metres of production of gas or oil as the
case may be
Mmbbls means millions of barrels of oil
Oil in Place means the total content of a reservoir (ignoring
recovery factors) estimated prior to any drilling/production
Contact:
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Charlie Beeson +44 (0) 207 220 0500
Shore Capital (Corporate Broker)
Jerry Keen, Antonio Bossi +44 (0) 207 408 4090
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
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 on
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.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets in Argentina
capable of delivering positive cash flows and shareholder returns.
With a strong institutional base of support, including the IFC,
part of the World Bank Group as well as the international commodity
trader and logistics company Trafigura, an in-country management
team as well as a Board whose interests are aligned to those of its
shareholders, President Energy gives UK investors access to the
Argentina energy growth story combined with world class standards
of corporate governance, environmental and social
responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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