27th Jul 2018 11:01
LONDON (Alliance News) - Oil and gas firm President Energy PLC on Friday said it has made good progress on a workover programme at a concession in Argentina's Rio Negro province.
Current oil production from the Puesto Flores/Estancia Vieja concession stands at 2,000 barrels to 2,100 barrels of oil per day, President said, and it is continuing with the workover programme at the site.
President is also progressing planning for a three-well drill programme at Puesto Flores, scheduled to start in September, and all work costs will be funded from its own cash and debt.
At Estancia Vieja, a first test on the EV8 gas well showed stable production capability of around 200 barrels of oil equivalent a day, with a second well called EV19 now being tested with an expectation it could produce 250 barrels of oil equivalent a day.
President also said it is also carrying out initial planning to ensure the entire concession will be power self-sufficient by the end of 2018 or early 2019.
Chairman Peter Levine said: "The end of the first half of 2018 demonstrated significant progress in our oil production arising from what we can already say is a successful current workover programme."
"The second half of the year at our Rio Negro Concession is slated to be just as, if not more, busy with three new wells projected and activities relating to exploiting gas production from Estancia Vieja."
Shares in President were flat on Friday at a price of 9.25 pence each.
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