Operations and Management Update
01/03/2022 07:00
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RNS Number : 1092D President Energy PLC 01 March 2022
1 March 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Operational update
Production success in Argentina and Louisiana
Management update
President Energy (AIM: PPC), the international energy company provides an
operational and management update
Operational update
Puesto Guardian Concession, Salta, Argentina
The Company is pleased to announce that the first two wells drilled in Salta
in the current programme have been in successful commercial production for
over one week.
Well DP 2001, currently successfully commercially producing in the first phase
of testing will within the next 10 days undergo planned stimulation in two
parts under the second phase of the production testing programme. Whilst each
well behaves differently there is no present evidence to expect post
stimulation anything materially contrary to the stated well performance
expectations in this well of approximately 250 bopd.
Well DP 2003 is in an earlier stage of first phase of production testing
although it is already clearly commercial.
As such testing will continue for a period of time to optimise production and
assess reservoir capabilities, the drilling rig has moved to and is in the
process of setting up at well PG 13-1 at the Puesto Guardian field within the
Salta Concession, some 45 km away from the Dos Puntitas field. This well is
planned to be a side track from an existing well location. Work is currently
projected to commence this week with timing for the drilling rig work
approximately 21 days.
The benefit of the recent increased production is already being felt in Salta
where realised domestic prices are currently approximately US$60 per barrel.
South Louisiana, USA
The workover at the Triche well has now been successfully completed and
President is pleased to advise that both this well and the Simmons well are
back on normal production as from 25 February.
The Triche well is still settling down producing 180 bopd gross with 60 boepd
of gas. The Simmons well is estimated to be producing 50 bopd gross.
Management update
The Company is pleased to announce that it has recruited Daniel Musri, an
Argentine national, to the position of CEO of President Argentina. Whilst it
is a non-main board position, Daniel has overall responsibility for
President's operations in that country. Daniel, who joins us from Vista Oil
and Gas, the Mexico/Argentina public oil and gas company, is a reservoir
engineer by training and, prior to Vista, worked for 10 years as Vice
President for Schlumberger in their Production Management arm, and before that
for 18 years at the large Argentine oil and gas company Perez Companc, rising
from junior reservoir engineer to asset manager. Daniel has been tasked with
reviewing all operations within President's Argentinian business with a view
to improving the returns from these operations and ensuring targets that are
set are met with the appropriate accountability for results.
Jordan Coleman, our hard working COO for Latam will continue to work with
Daniel during the transition. His future focus will centre on our Paraguay
exploration project, overseeing the business in the United States as well as
providing such continuing support for Daniel as may be necessary.
Peter Levine, Chairman, commented:
"President has many things to look forward to in 2022 from a very robust
trading, shareholder and strategic relationship base. The production news
today announced are welcome additions to Group cash flow
"The future for President must be driven by a dynamic, motivated and
incentivised operations and management team able to capitalise on these
attributes to expand the Group materially, particular in different
geographies. Daniel's appointment is a part of this strategy and we welcome
him to the Group
"I look forward to informing you of further developments over the coming
months."
Glossary
Bopd means barrels of oil per day
Boepd means barrels of oil equivalent per day (oil and gas)
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker) +44 (0) 207 220 0500
Christopher Raggett, Tim Harper
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.
It has also a 27.9% investment interest in Atome Energy PLC a green hydrogen
and ammonia producer whose shares are traded on AIM of the London Stock
Exchange.
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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