22nd Nov 2018 12:33
LONDON (Alliance News) - President Energy PLC on Thursday reported a significant increase in flow rate from its first newly drilled well in Argentina.
PFO 1001, on its Puesto Flores/Estancia Vieja concession in Rio Negro province, is now tied in and producing at 600 barrels of oil per day. Last week, President said it had reached 200 barrels, a figure ahead of expectations.
The well is flowing from the Punta Rosada primary target. President said the secondary target, Pre Cuyo, which is 200 metres lower down, has been temporarily isolated and is being kept in reserve.
The second well, PFE 1001, has now been successfully cased, showing total net oil pay of 43 metres on both the primary and secondary targets. President will begin testing the well next week.
President is to move the drilling rig to the third and last well in its 2018 programme next week.
It has maintained guidance of production of approximately 200 barrels of oil a day from the second and third wells combined.
Chairman & Chief Executive Peter Levine said: "President's progress continues with the results from the first well speaking far more eloquently than any words that can be written.
"Every well is different and accordingly it is important to manage expectations and retain our original targets for the second and third wells in the series."
President Energy shares were up 2.7% at 9.40 pence each midday Thursday.
Related Shares:
PPC.L