15th Jun 2015 08:42
LONDON (Alliance News) - President Energy PLC said it has completed a four-well work-over programme at its Puesto Guardian concession in Argentina, and said the results of this work-over demonstrate the potential of the fields and the "significant untapped oil reserves" remaining at the concession.
The four previously shut-in wells are in the clean up phase, President Energy said, and currently flowing ahead of expectations at 190 barrels of oil per day, a 92% increase in current field production.
On the back of the successful results of the work-overs, the company is continuing to plan for a new multi-well and work-over programme. It is currently working on upgrading the facilities in the concession.
President Energy also is continuing farm-out talks with potentially interested parties, it said.
In Paraguay, the company said it continues to expect seismic data acquisition to be completed by the end of July, with preliminary results available in the third quarter of 2015.
Shares in President Energy are trading down 1.5% at 15.52 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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