Phoenix Global Resources PLC Mata Mora Drilling Update (5172T)
July 25 2022 - 2:00AM
UK Regulatory
TIDMPGR
RNS Number : 5172T
Phoenix Global Resources PLC
25 July 2022
25 July 2022
Phoenix Global Resources plc
("Phoenix" or the "Company")
Mata Mora Drilling Update
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company, announces an update on drilling activity at
Mata Mora.
Mata Mora Pad 2
The Company has finished the drilling activity for Pad 2,
completing three wells with vertical sections to depths of 2,314
metres, 2,280 metres and 2,316 metres each with 2,600 metre
horizontal lateral lengths sections with 110 frac stages,
navigating the Vaca Muerta formation.
The initial flowback testing has commenced and the wells are
currently under productivity testing. The wells showed oil within
the first 24 hours with good wellhead pressure trends with oil
production and well behaviour in line with management's
expectations. The Company will continue with the flowback process,
which includes evaluating how the water cut behaves in each well
over time following our drawdown management policy.
Mata Mora Pad 3
The Company has commenced the activities for Pad 3, which
consists of three wells with 2,100 metre horizontal lateral lengths
and 87 frac stages. The Company has finished drilling three
vertical sections to depths of 2,271 metres, 2,234 metres and 2,260
metres and the three corresponding horizontal branches, navigating
the Vaca Muerta formation. Completion activities are expected to
commence before the end of Q3 2022.
Mata Mora Pad 1N
The Company has commenced the drilling activity for Pad 1N,
which consists of three additional wells with 2,200 metre
horizontal lateral lengths and 93 frac stages. This drilling
activity is expected to be completed by late September 2022.
The oil treatment facilities and measurement stations and
flowline tie-ins to oil evacuation pipelines for Mata Mora have
been completed. The gas treatment facilities and flowline tie-ins
to gas evacuation pipelines are under construction and expected to
be completed by the end of Q3 2022.
The initial flowback testing results of Pad 2 are encouraging
and in line with management's expectations, but it is too early to
draw any final conclusions. A further update on activity and the
results of the ongoing tests and evaluation will be provided in due
course.
Ends
For further information, please contact:
Phoenix Global Resources Pablo Bizzotto, CEO T: +54 11 5258 7500
plc Nigel Duxbury, CFO T: +44 20 3912 2800
Shore Capital Toby Gibbs T: +44 20 7408 4090
Nominated Adviser and David Coaten
Joint Broker
Panmure Gordon John Prior T: +44 20 7886 2500
Joint Broker Atholl Tweedie
Qualified Person Review
In accordance with AIM guidance for mining, oil and gas
companies, Mr. Cristian Espina has reviewed the information
contained in this announcement. Mr. Cristian Espina, Chief
Operating Officer for the group, is a petroleum engineer with over
20 years of experience in the oil and gas industry and is a member
of the Society of Petroleum Engineers.
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on both the London Stock Exchange (AIM: PGR) and the Buenos Aires
Stock Exchange (BCBA: PGR) and offers its investors an opportunity
to invest directly into Argentina's Vaca Muerta shale formation and
other unconventional resources. The Company has over 0.8 million
licenced working interest acres in Argentina (of which
approximately 0.7 million are operated), 71.1 million boe of
working interest 2P reserves and average working interest
production of 4,553 boepd in 2021. Phoenix has signi cant exposure
to the unconventional opportunity in Argentina through its
approximately 0.4 million working interest acres with Vaca Muerta
and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLSEIFMEEESEIW
(END) Dow Jones Newswires
July 25, 2022 02:00 ET (06:00 GMT)
Phoenix Global Resources (LSE:PGR)
Historical Stock Chart
From May 2024 to Jun 2024
Phoenix Global Resources (LSE:PGR)
Historical Stock Chart
From Jun 2023 to Jun 2024