President Energy PLC Operations Update (5548W)
23 Diciembre 2021 - 12:59AM
UK Regulatory
TIDMPPC
RNS Number : 5548W
President Energy PLC
23 December 2021
23 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operational Update
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets provides an update on its drilling
operations in Salta, Argentina and workover in Louisiana
Highlights
-- Well DP-2003 has reached target depth
-- Encouraging data from mud logs
-- Electric logging to take place over the Christmas period with
results expected before new year
Salta drilling
Drilling of the DP-2003 well has reached target depth of 3,228
metres with encouraging mud log data obtained whilst drilling.
Electric logs, which offer much greater and accurate information
and analysis, will be run over the Christmas period with results
expected to be announced before the New Year.
Subject to successful results of the electric logs, the well
will then cased and the rig will move to an adjacent location to
drill DP-2002. On current estimations, subject to the above and all
factors being equal, this is projected to spud by mid January.
The workover rig to complete the new well is being mobilised
from the Neuquén Basin and is due to commence work in Salta in or
about the third week of January.
Louisiana
Due to continued down hole issues out of President's control, it
has now been determined to plug back the well and perforate the
next oil bearing interval which had live oil shows in the logs and
cores taken at the time of drilling the well. Due to holidays
combined with the continued pandemic in Louisiana where only 50% of
the population has been vaccinated this will now take place at the
start of January. The previous post workover production prognosis
remains valid.
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.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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