President Energy PLC Operational Update (4532Z)
25 Enero 2022 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 4532Z
President Energy PLC
25 January 2022
25 January 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Operational update
President Energy (AIM: PPC), the international energy company,
provides an update on its operations in Salta and Paraguay.
Operational update
The new well DP-2001 at the Puesto Guardian, Salta, Argentina,
has now been successfully tested with oil to surface from the two
expected formation intervals that are also flowing in other parts
of the Dos Puntitas field. The well will be placed on stream in
approximately one week using the same jet pump as the other wells.
Steady state production rates will be advised in due course.
Further analysis of all the DP-2003 logs now obtained from the
second well drilled in the sequence including latterly obtained
through casing, have shown interesting possibilities including in
the deeper interval drilled below the original target depth. Whilst
it serves no purpose to speculate at this stage as the Company only
has electric and mud log analysis with petrophysical review, the
workover rig currently finishing DP-2001 will be mobilised this
coming week to DP-2003 to conduct flow tests. During that time the
drilling rig will be temporarily laid down in an adjacent location
in the field.
If those tests suggest a further well at the DP-2003 location is
appropriate then a further well from that well pad will be drilled
as DP-2002. The workover rig will be moved off for this purpose as
it is not possible to drill from the same pad and have the well
completed at the same time due to area constraints. In such case
after drilling the well DP-2002, the workover rig will come back on
to site and complete the DP-2003 and test and complete DP-2002.
After that well, there is a further well to drill at the Puesto
Guardian Concession in the Puesto Guardian field itself, 45 kms
away from the Dos puntitas wells which will in that case be the
fourth well in the sequence. The well will be near the former
producing well PG-13 which was originally drilled by the state
company YPF 40 years ago. It produced successfully until it was
suspended 10 years ago due to a difficult fish in the hole (failed
packer), which could not at that stage re retrieved. Whilst there
is no question that the high production levels over the years have
depleted the reservoir of oil and the pressure, there was clearly
still oil in the structure and that is the target as well as
newfound production with modern logging and completion techniques.
Target initial production rate is 30 m3/day.
In the event that after consideration of the testing of DP-2003
it is deemed that there is no benefit from drilling a well from the
same pad, i.e. such that they will be draining the same part of the
structure and effectively "thieving" from each other, then the
drilling rig will move off that pad and workover rig will
immediately complete DP-2003. The drilling rig will then move to
drill the new well in the Puesto Guardian field.
The Company is cautiously optimistic that the Puesto Guardian
field well will be the fourth well sequence to this drilling
campaign and not the third but in managing expectations it is
appropriate to repeat it is down to the testing. Patience is
therefore required and the facts will out in due course.
Paraguay
President is pleased to announce that its partners in the new
exploration well to be drilled, OPIC Paraguay, the wholly owned
subsidiary of the Taiwanese state owned energy company, CPC, have
approved the budget and work programme for 2022 as laid out by
President and accordingly initial cash calls have now been made to
initialise the project. President's Paraguayan subsidiary is the
operator of the venture.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
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
Río 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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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