President Energy announces completion of workover wells at Argentina's Puesto Flores field

12/15/2017

LONDON -- President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina is pleased to announce successful results from its first two workover program wells at Puesto Flores field, Rio Negro Province, Argentina. Wells PFO-50 and PFO-9 were worked-over ahead of time and under budget at a total cost of $920k versus a budget of $1.122 million.

The first phase of the workover on well PFO-50 successfully repaired the well which was put out of action in October 2017 due to a lightning strike in an electrical storm. The originally producing interval was successfully tested, regaining pre shut-in levels of production.

In accordance with the work plan, prior to placing PFO-50 on stream, the untested up-hole intervals totaling 11 m net were perforated. The results were beyond expectations, so much so that the original producing section downhole has not been comingled and accordingly has been isolated to be kept in reserve for future production. The well is now on-stream solely from the new intervals and, with the aid of an electric submersible pump, production is still stabilizing at approximately 400 bopd representing an increase of over 100% from the previous pre-shut-in production output.

The successful production of oil from these previously untested intervals in PFO-50 has a positive beneficial read across for future production and prospectivity in the field, the extent of which is currently being studied by President's technical team.

Well PFO-9 has been successfully worked-over to repair a hole in the tubing and is now back on production. Production is still stabilizing and the well is currently contributing some 100 bopd.

The rig is now at the next well location and work has commenced. These final two wells of the four well work program, each with reported holes in tubing, will, in addition to being repaired, have previously untested virgin potentially oil producing intervals perforated.

Total current gross field production concomitantly increased to approximately 1,500 bopd with expected further increases from the remaining two program wells.

In relation to oil prices, President expects to receive $60.80/bbl for its December oil from Puesto Flores Concession.

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