President Energy announces significant upgrades to prospective resources in Argentina

11/6/2017

LONDON -- President Energy Plc, the upstream oil and gas company is pleased to announce the results of a new integrated basin study and geochemical survey over the exploration assets of the Company centered on its Puesto Guardian Concession, Matorras and Ocultar Licenses, which have resulted in significant upgrades to the Company’s Prospective Resources.

Highlights

  • New extensive studies and surveys validate the significant prospectivity of President’s Argentine exploration areas
  • Aggregate Paleozoic gas/condensate prospects net to President with mean unrisked Prospective Resources (MUPR) of over 7 Tcf with an upside case of over 20 Tcf and 185 MMbbl of Condensate
  • New previously unreported Cretaceous oil prospects of over 40 MMbbl MUPR identified
  • President is preparing to launch a farm-out of Matorras and Ocultar, with engagement of advisors and plans to launch in first-quarter 2018

Detailed new research has been carried out on an integrated basin study and geochemical survey, focused on President’s exploration areas in the Salta Province, Argentina where President’s Puesto Guardian producing Concession and its Matorras and Ocultar licenses, all 100% owned and operated, are located.

The study was led by Andres Boll, a recognized exploration expert in the relevant Northwest basin, who has 35 years of experience with YPF and Tecpetrol; latterly as Tecpetrol’s Exploration Manager.

The exploration interests of President extend to 2,825 km2, and benefit from extensive 2D and 3D seismic data re-processed by President, valuable exploration wells drilled by YPF in the 1970-80s as well as outcrop surveys commissioned by President together with the latest studies and geochemical surveys.

During the last six months, after detailed research, relevant data was, for the first time, fully integrated and re-interpreted including a complete reconstruction of the basin to determine “paleo structures” at the Cretaceous and Paleozoic levels, during the periods of peak charge and migration, as well as the impact on structures during the more recent Andean compression. The study benefitted from the presence of significant remote sensing geochemical anomalies over the exploration acreage that have been through an unequivocal and accurate ground truth study over President’s neighboring producing Argentinian fields

The results of the study and surveys are summarized below:

  • The three previously reported Paleozoic prospects in Matorras and beneath the proven Martinez del Tineo (MDT) oil field, one of five Cretaceous producing fields in President’s Puesto Guardian Concession, have been rigorously reviewed and updated, with a total MUPR of over 7 Tcf and 185 MMbbl Condensate and upside case of over 20 Tcf whereby all three prospects lie within the same regional closure at a depth of 3,000-4,000 m subsea.
  • Five new Cretaceous oil prospects in Mattoras on the same trend as the producing MDT with total MUPR of 39 MMbbl
  • Two new Cretaceous oil prospects in fault blocks representing a northerly extension of the MDT oil field, with total MUPR of 8 MMbbl
  • Four new Cretaceous oil leads of sizes 2.5-10 km² in Ocultar that are 2-10 km from Puesto Climaco oil field, which has produced 2 MMbbl from a 1-km² structure
  • The study included a review of the Cretaceous oil reserves in MDT and confirmed President’s existing 5 MMbbl 2P Proven plus Probable Reserves in that field

President is preparing to launch a farm-out of Matorras and Ocultar, with engagement of advisors and plans to launch in first-quarter 2018. Given the strong geological basis for including the MDT field and near-field prospects together with the Matorras and Ocultar License offerings, the Company is planning to include the MDT producing field within the package for farm-out if it is expedient to do so and results in accelerated activity.

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