22nd Oct 2018 12:13
LONDON (Alliance News) - President Energy PLC said Monday it has completed the PFO 1001 development well at its 90%-owned Puesto Flores field in Rio Negro Province, Argentina.
The well has been drilled, cased, cemented and logged "on time and on budget" and is now awaiting completion with a workover rig.
"Whilst the acid test is that of flow rates which we anticipate for November, the delivery of a successfully drilled well and the results so far obtained are all very encouraging," said Peter Levine, chairman and chief executive.
The well, the first of a three-well sequence, was drilled to a depth of 2,359 metres with oil shows in three different formations.
According to President Energy, peak gas readings while drilling reached up to nearly 1 million parts per million with the range of C1 to C5 gas present. Where C1 represents lighter methane gas and C5 the heavier pentane, which is indicative of oil.
"When we commenced this three-well programme, we stated that we were targeting an initial 600 barrels of oil per day contribution in aggregate from those three wells. Whilst we still need to complete this well successfully and drill and complete the next two, based on the evidence to date, we now view the achievement of this target with increasing confidence."
A completion rig will be mobilised for early November to test and complete the well, it will then be tied in as a producer.
The drilling rig is now being moved on to the PFE 1001 well, which is expected to spud shortly.
Shares in President Energy were down 0.8% at 8.08 pence each Monday.
Related Shares:
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