15th Oct 2020 05:56
President Energy PLC - oil & gas company focused on Latin America - Says the exploration well EVN-x1 at the Estancia Vieja field, Rio Negro Province in Argentina has now been spudded. The company said it is targeting a new undrained structure with potential up to 14 million barrels of oil in place and 26 billion cubic feet of gas. The cost of the well is estimated at USD2.5 million with 28 days to drill down to the 2,000 metres target depth. Meanwhile, a workover rig has now been moved to the newly drilled well LB-1001 at the Las Bases field, Puesto Prado, Argentina in order to complete the well ready for testing and then production. Subject to successful testing, LB-1001 is expected to be in production by first part of November.
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By Evelina Grecenko; [email protected]
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