18th Jun 2018 13:13
LONDON (Alliance News) - President Energy PLC on Monday reported positive workover programme results as production rose "significantly" ahead of expectations at the Puesto Flores field in the Rio Negro Province in Argentina.
President Energy holds 90% interest in the Puesto Flores oil field with remaining stake hold by energy company Ediphsa.
The oil & gas company said it worked-over, repaired and put back in production three wells at the Puesto Flores field.
Oil production from the field totalled 2,100 barrels daily, representing a 50% increase in the nine months since acquisition, President Energy said.
Following the success on the three wells, which were already completed at Puesto Flores field, the company has started the next well in the series. President Energy said it enlarged workover programme to a total of eight wells from seven planned earlier.
Two of these oil wells are located at the Estancia Vieja field in Rio Negro Province, where the company plans to begin tests before the end of June.
"We are greatly encouraged by the results so far and to exceed the 2,000 barrels of oil per day at this stage is creditable," said Chairman Peter Levine. "We have still a lot of work to do and whilst it would be wrong to hang out the flags just yet, the progress to date is commendable."
The stock was trading 3.7% higher at 9.49 pence per share on Monday.
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