President Energy在阿根廷开始钻井

President Energy (AIM: PPC), the oil and gas exploration and production company provides the following update on its Argentine and Louisianan operations.

Further to the announcement on 28 June 2016, President has now accepted the Drilling Rig and accordingly the Company is pleased to announce the commencement of drilling of the DP1002 S/T development well at its Dos Puntitas Field, Puesto Guardian Concession, Salta, Argentina. Whilst it is not possible to be precise on timing due to the fact that this is the first horizontal well to be drilled in the Concession, estimated drilling time, excluding completion, is considered to be approximately one month.

The well is the first of the three horizontal well programme. The drilling campaign has been undertaken with the objective of increasing sustainable production from the Concession to over 1,000 bopd.

The Company also announces that drilling of the A55 S/T well at the non-core, non-operated East White Lake field has successfully taken place. Results of the logs and side well cores show good quality sand with aggregate net oil pay in excess of 40 feet. The well is now being completed as a producer and is expected to be online in September 2016. The well will make a positive contribution to President’s Louisiana net production. The Company expects initial production to be in line with similar wells which have had initial gross flow rates of at least 250 bopd.