President Energy PLC Operations Update (4061R)
November 05 2021 - 3:00AM
UK Regulatory
TIDMPPC
RNS Number : 4061R
President Energy PLC
05 November 2021
5 November 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
OPERATIONAL UPDATE
President Energy (AIM: PPC), the energy company announces an
update on its oil and gas operations.
Highlights
-- Spud of first new oil well in Puesto Guardian, Salta, Argentina
-- Two new workovers of gas wells commenced in Rio Negro, Argentina
-- Workover of the Triche well now in progress in Louisiana
-- Completion of Paraguay farm-out expected this month
Salta Province, Argentina
The first in the sequence of new oil wells at the Dos Puntitas
field, Salta Province, Argentina, being well DP-2001, has spudded
after having been delayed due to logistical issues on the 1,950 km
journey to the well site.
Drilling is expected to take 30 days at a cost of approximately
US$3.5 million and mid-case targeted oil production on success is
estimated at 40m(3) /d.
A further announcement will be made upon the target depth of
approximately 3,400 metres having been reached and the well
logged.
New workovers of gas wells
A programme of workovers of two gas wells in Rio Negro Province,
Argentina has commenced.
The first well, ALH-2 in the Angostura Concession, is an older
gas well which is intended to be perforated, stimulated and placed
back on production. The second well, LB-1002, is a well drilled
earlier this year which has to date been producing from the deepest
section but has experienced decline. The workover will address the
main target reservoir which is higher up the well bore.
The cost of the workovers is approximately US$500k in aggregate
and will be completed during this month.
Louisiana workover of Triche well in progress
The long-awaited workover of the Triche well has commenced and
is projected to continue for three weeks to plug back, perforate
and produce from a higher section in the well.
In the event of success, it is projected that both the Triche
and Simmons wells will be back on sustained production at or around
the end of this month.
The cost of the workover to President is expected to be
approximately US$500k.
Paraguay farm-out
Completion of this long-running matter is finally expected at or
around the end of this month.
President sees no obstacle in completion. The timing delays
solely are process driven and the Company remains grateful to the
authorities in Paraguay for their understanding and assistance.
The delay is not envisaged to affect the target to drill the
first exploration well during H1 2022.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
Atome Energy is the green hydrogen and ammonia subsidiary of
President Energy PLC with intended operations in the Americas and
Europe and a targeted separate listing on the London Stock Exchange
market later in 2021.
The Group is also actively pursuing value accretive acquisitions
of high-quality production and development assets capable of
delivering positive cash flows and shareholder returns. With a
strong strategic and institutional base of support, including the
international commodity trader and logistics company Trafigura, an
in-country management team as well as the Chairman whose interests
as the largest shareholder are aligned to those of its
shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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