Operations Update
07/02/2022 06:59
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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) +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.
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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