President Energy announces workover success at Puesto Flores field, Argentina


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 third and fourth workover wells at Puesto Flores field, Rio Negro Province, Argentina (President 90% and Operator: Ediphsa 10%). The previously shut-in wells PFO-23 and PFO-10 were completed ahead of time and under budget at a total cost of $950,000 versus a budget of $1.25 million. The payback for the entire four well workover campaign is estimated at less than three months.

In accordance with the work plan for PFO-23 and PFO-10, the wells were cleaned out and the untested up-hole intervals in each well totalling some 21.5 m net were perforated. The results were substantially ahead of expectations with testing at various flow rates ongoing. The two wells are now on stream and producing from the new intervals and once stabilized in February are expected to increase gross field production to approximately 1,700 bopd.

As a result of the success achieved, further workovers are planned at Puesto Flores field in second-quarter 2018 with the commencement of development/appraisal drilling scheduled to commence in H2 of this year.

President has also now set in motion the testing of wells in the currently shut-in but previously producing adjacent field of Estancia Vieja within the same Concession with preliminary results due at the end of February. A total of up to four oil wells will be pilot tested with a more ambitious future program, including workovers and reactivations due to commence during second-quarter 2018.  Estancia Vieja field was previously a prolific producer of both oil and gas, at one stage producing over 18,000 boed between 1992 and 1993, but was producing only 63 boed prior to it being shut-in in 2011 by the previous operator.

All the costs of the said projected work at Puesto Flores and Estancia Vieja are fully funded and will be met out of the Group's existing resources and cash flow.

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