President Energy reports drilling success of third well at Argentina's Puesto Flores concession

12/18/2018

LEEDS -- President Energy, the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, has provided the following update relating to the Puesto Flores Concession in Rio Negro Province, Argentina (President 90% and operator - EDHIPSA 10%).

Highlights:

  • PF0 1005, the third and final new well in the current drilling program has been successfully drilled, logged, cased and cemented to 2,360 m on time and budget
  • Both primary and secondary targets have displayed 18 m of net oil pay to be perforated in line with pre-drill expectations
  • The drilling rig is now being demobilized and testing and completion with the workover rig will commence towards the end of this week
  • The well is anticipated to come on production at or around New Year

Well PF0 1005

This well has now been successfully drilled, logged, cemented and cased to 2,360 m on time and on budget.

Both the Punta Rosada primary target and the Lotena formation secondary target resulted in good oil shows while drilling and are shown by electronic logs to be encouraging with 18 m of net oil pay determined to be tested having good oil saturation and porosity. The results are in line with pre-drill expectations.

The drilling rig is now being demobilized from Puesto Flores field with the workover rig anticipated to commence testing and completion of the well towards the end of this week.

After this, the well is currently scheduled to be placed on production at or around New Year. At this time, management retains its conservative pre-drill expectations of 200 bopd initial production from this well pending successful testing and the well coming on to production.

Management reaffirms its Group target exit 2018 production rate of 3,000 boed.

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