TIDMPPC
RNS Number : 6499Z
President Energy PLC
22 September 2020
22 September 2020
PRESIDENT ENERGY PLC
("President" or the "Company")
Workover and Drilling Update
President Energy (AIM: PPC), the energy company with a diverse
portfolio of production and exploration assets provides an update
in relation to its operations in Rio Negro, Argentina as well as
the release of the unaudited interim results for H1 2020.
Highlights
-- First well in drilling programme spudded with results due mid-October
-- Successful multi workover programme continuing
-- Interim results for the period ended 30 June 2020 to be released by 30 October 2020
Workover Programme
The workover to replace an electric submersible pump in the oil
producing well PFE-1001 has been successfully completed and the
well is now back on stream and cleaning up. Prior to shut-in the
well produced 16m(3) /d oil (100 bopd).
The workover rig then moved to PP-13, a former oil producer,
that was shut in for more than one year awaiting repair. The
remedial work has now been completed and the well is being placed
back online. Prior to shut-in the well produced 7m(3) /d oil (44
bopd).
The rig has now moved to EV-20, a well which has not produced
during President's operatorship of the Puesto Flores/Estancia Vieja
Concession. The mid-case objective is to achieve initial gas
production of 40,000 m(3) /d (235 boepd).
Further wells to be worked over include PFO-26, an injector well
being part of the Company's secondary recovery pilot project for
the Puesto Flores complex, the currently shut-in oil producer
PFO-35 to bring it back into production and PFO-6, a water disposal
well requiring repair.
Interposed with this programme will be completion of the two new
wells in the drilling programme as set out hereunder.
All workover operations have to date been completed on time and
on or below budget.
Drilling programme
The LB-1001 development well has now been spudded.
As previously announced, the intended target is attic gas in the
Las Bases structure with a target depth of 1,700 metres and a high
chance of success. The P50 estimate is for 6 Bcf of recoverable gas
and an initial production well rate of 100,000 m(3) /day (588
boepd).
A further announcement will be made once target depth is reached
and logging of the well has taken place, estimated to be achieved
in or about the middle of October.
After drilling of LB-1001, the drilling rig will move to the
previously announced exploration well EVN-1, in relation to which
further details will be announced in due course.
Interim results
In light of delays caused by the Covid-19 epidemic and in
accordance with guidance published by the London Stock Exchange in
respect of the temporary measures for the publication of
half-yearly reports for AIM companies pursuant to AIM Rule 18 of
the AIM Rules for Companies, President announces that it will
publish its half year report for the period ended 30 June 2020 on
or around 30 October 2020.
Glossary:
Bopd means barrels of oil per day
Boepd means barrels of oil equivalent (oil and gas) per day
EV means the Estancia Vieja field in the Puesto Flores/Estancia
Vieja Concession, Rio Negro, Argentina
LB means the Las Bases Concession, Rio Negro aforesaid
M(3) /d means cubic metres of production of gas or oil as the
case may be
PF means the Puesto Flores field in the aforesaid Puesto
Flores/Estancia Vieja Concession
PP means the Puesto Prado Concession, Rio Negro aforesaid
Contact:
President Energy PLC
Rob Shepherd, Group FD
Nikita Levine, Investor Relations +44 (0) 207 016 7950
finnCap (Nominated Advisor)
Christopher Raggett, Charlie Beeson +44 (0) 207 220 0500
Shore Capital (Corporate Broker)
Jerry Keen, Antonio Bossi +44 (0) 207 408 4090
Tavistock (Financial PR)
Nick Elwes, Simon Hudson +44 (0) 207 920 3150
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.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets in Argentina
capable of delivering positive cash flows and shareholder returns.
With a strong institutional base of support, including the IFC,
part of the World Bank Group as well as the international commodity
trader and logistics company Trafigura, an in-country management
team as well as a Board whose interests are aligned to those of its
shareholders, President Energy gives UK investors access to the
Argentina 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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