President Energy PLC Operations Update (8145V)
16 Diciembre 2021 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 8145V
President Energy PLC
16 December 2021
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 +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.
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
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END
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