Operations Update
16/12/2021 06:59
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211216:nRSP8145Va&default-theme=true
RNS Number : 8145V President Energy PLC 16 December 2021
16 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
Drilling in Salta, Argentina proceeding according to plan
Louisiana well workover rig completed work with swabbing to commence
President Energy (AIM: PPC), the energy company with a diverse portfolio of
energy assets provides an update on its oil and gas operations in Argentina
and Louisiana
Highlights
· Well DP-2003 drilling on, now at over 1,200 metres with surface
casing successfully run and cemented
· Remaining time for the drill to reach target depth estimated at
10 days
· Workover of Triche well in Louisiana completed, rig moved off
location with swabbing now in progress to bring well on stream
Salta drilling
Drilling of the DP-2003 well is proceeding on plan and now at over 1,200
metres having successfully run and cemented the surface casing.
The plan is to continuously drill to target depth which at this rate of
progress is expected to be reached in approximately 10 days. After that it is
necessary to allow a further 7-10 days (allowing for Christmas) for running
electric logs, running casing to the bottom and cementing.
Louisiana
The workover rig at the Triche well has now been moved off site having
completed its work, being replaced by a smaller barge and a swabbing and
wireline unit to get the well back into production.
The work is running slightly over budget at this stage and over expected time
due to down hole issues encountered caused by the manner in which this well
was drilled and completed by the previous operator. The original expectations
for this well remain.
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 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.
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.
Further details on President and Atome can be found on their respective web
sites and twitter accounts.
This announcement contains inside information for the purposes of article 7 of
Regulation 596/2014
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLGPGRWPUPGPUA