President Energy PLC Operations Update (8097A)
February 07 2022 - 1:59AM
UK Regulatory
TIDMPPC
RNS Number : 8097A
President Energy PLC
07 February 2022
7 February 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
President Energy (AIM: PPC), the international energy company,
provides an update on its operations.
Salta operations update
Well DP-2001
The first of the wells drilled in the current programme at the
Dos Puntitas field, Puesto Guardian Concession is now in production
and flowing the first commercial oil from a new well in the
Concession for the first time in the last 12 years.
It is early days and the Company is in the process of testing to
assess optimum steady state levels and performance. The positive
news is that the well is successfully cleaning up and producing 90%
oil with little water. Further announcements will be made after the
well has been stabilised.
Well DP-2003
The second well in the programme is being tested with results
expected to be able to be announced by the end of this week.
Secondary recovery project Puesto Flores Concession, Rio
Negro
One of the important objectives in Rio Negro is to mitigate
natural production declines in mature fields as well as sweeping as
much oil as possible to enhance total recovery factors in a
profitable way.
The Company has previously announced a successful pilot
waterflood programme in a small part of the field. President has
now received a detailed plan from independent experts which is
optimistic that a successful secondary recovery campaign to fulfil
those key objectives can be achieved. This comprises of both
utilising existing wells and drilling new injector wells.
This is not an overnight process nor will there be instantaneous
results as with all waterflooding. The Company will now proceed to
obtain all necessary consents and make preparations to roll out the
project on a step by step basis in the Puesto Flores field. The
field work and injection subject to consents is projected to start
mid this year with results of the first section of injections
likely to be seen in twelve months. It is necessary to review
progress and pressure response at each stage.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
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
Río 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.
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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END
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