TIDMPPC
RNS Number : 2910U
President Energy PLC
02 December 2021
2 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
Drilling success in Salta, Argentina
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
-- Drilling of well DP-2001 reached the target depth safely with electric logging concluded
-- The logs show the well is virtually analogous to the well
DP-1001 which was drilled in 2010 in the same field which had an
initial production rate of 40m(3) /d and is still in continuous
production
-- Following the encouraging results casing running is taking
place and the new well will be tested in January
-- Workover of Triche well in Louisiana progressing with promising progress
Salta drilling
Drilling of the DP-2001 well at the Dos Puntitas field, Puesto
Guardian Concession (President 100%) safely and successfully
reached the planned target depth of 3,225 metres, on time and
budget with encouraging results.
A full suite of electric logs, including pressure testing, has
been acquired over three separate runs which, on a preliminary
basis, indicate that this new oil well DP-2001 is virtually
analogous to the well DP-1001 drilled at the same field in
2010.
The electric logs on DP2001 show a total net oil pay of some 10
metres over two intervals. Pressure tests show an average depletion
of 10% from original pressure with good mobility shown in each of
the spot tests which are all positive signs taking into account Dos
Puntitas is a producing field.
It is encouraging that the older well DP-1001, drilled at the
time by the then operator Puesto Guardian at a cost of
approximately US$6 million is still in continuous production and
had an initial production level of 40m(3) /d of oil. After 11 years
the well is still producing 9m(3) /d.
The new well DP-2001 which has been drilled by President faster
and at nearly half the cost, is now being cased and thereafter
cemented prior to completion and testing with a workover rig. This
rig will be mobilised to start work in the field in January so
that, all being well, it can complete and test both this well and
the next well in the sequence, DP-2003. It is testing that will
provide the acid test as to produceability of any well.
After casing of the present well, the rig will move to the
location for that second well DP-2003 where spudding is estimated
to take place in about 10 days time.
Louisiana
The workover of the Triche well is ongoing, the well has been
cleaned up and the lower open perforations, considered to be
generating a higher water cut, have been successfully cemented.
The top of the previously perforated interval has now been
re-perforated with a previously un-addressed interval higher up the
hole saved for later as there is good pressure seen from the
perforations already made. The higher interval has been made ready
to be completed rigless at a later date.
Promising progress has been made to date and whilst running a
day or two behind schedule, the well should be back on production
within the first half of December.
Glossary
M(3) /d means cubic metres of oil per day
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
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, its 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.
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of article 7 of Regulation 596/2014
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END
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