24th Sep 2018 11:39
LONDON (Alliance News) - President Energy PLC confirmed on Monday it has spudded the PFO 1001 well in Argentina, the first of a three well drilling programme.
PFO 1001 is on the Puesto Flores/Estancia Vieja concession in Argentina's Rio Negro province.
Each well will take around three weeks to drill, President said, targeting existing probable oil reserves to convert them into proven reserves.
It hopes to have all three wells on stream by the end of 2018, adding around 600 barrels of oil per day to President's production.
President shares were trading at 8.60 pence each on Monday, flat.
Related Shares:
PPC.L