27th Nov 2018 13:23
LONDON (Alliance News) - President Energy PLC on Tuesday said it spudded the PFO 1005 development well at the Puesto Flores field in Rio Negro province, Argentina.
President Energy holds 90% in the project with well operator oil & gas firm Empresa de Desarrollo Hidrocarburifero Provincial SA holding the reminder.
The London-listed exploration and production company said the PFO 1005 development well was the last of the three well sequence. With a provisional target depth of 2,700 metres, it is estimated that the well will be drilled in 21 days.
President Energy said it expects the recently drilled PFE 1001 well to be completed with a work over rig and be on stream by the end of next week.
On Thursday last week, the company had said the PFO 1001 well, the first one in the sequence, was tied in and producing at 600 barrels of oil per day.
President Energy has maintained output guidance of 200 barrels of oil a day from the second and third wells combined.
President Energy shares were trading up 0.5% on Tuesday at 9.25 pence each.
Related Shares:
PPC.L