16th Jul 2019 14:47
(Alliance News) - President Energy PLC on Tuesday reported "very good" results from fracking operations at the PFO-16 well on Argentina's Puesto Flores field.
President has been targeting the Precuyo formation at the well, an interval it believes has never been fracked before.
Before the fracking, the well was producing at a "modest" 50 barrels of oil a day, and was chosen for fracking because of this low production rate and a belief it is not near any major water bearing zones.
Results have so far been at the higher end of expectations, with the net oil to volume of liquid recovered a "very good" 95%.
The company is now looking at other wells across its Rio Negro province asset which could be fracked, and it believes results from others could be even better given PFO-16 is a depleted well.
Chair Peter Levine said: "The frac results to date are very good. This is all part of a lot of our work in the first half, namely developing a greater understanding of our Rio Negro reservoirs with the objective of finding ways to optimise production, mitigate decline rates and prolong economic field life.
"Whilst it is still a matter of step by step, we are most encouraged by what we are seeing so far from this trial frac, which has the potential to open a new front in extracting greater value from our fields."
Shares were 0.1% higher on Tuesday afternoon in London at 7.01 pence each.
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