President sees positive results in Argentina

President Energy has seen positive results at two workover wells in its Puesto Flores concession area, the UK E&P company announced in a statement on Friday.

The PFO-23 and PFO-10 wells, the third and fourth workovers in a four-well campaign, were completed ahead of schedule for a total of USD 950,000, or USD 300,000 under budget. The company said it expects to recover its investment for the entire workover programme within three months.

The two wells have been brought on line and are producing crude, following the implementation of a work plan that included cleaning and drilling 21.5 metres into untested uphole intervals. President says that together the wells will allow gross field production to reach 1,700 bopd in February.

The company is now preparing for more workovers, scheduled to begin in Q2 2018. Development and appraisal drilling is set for H2.

“President is delivering positive results from its work at the Puesto Flores field which is a reflection of the Company’s growing in-country operational expertise,” said Peter Levine, the company’s chairman and CEO.

Additionally, the company reported that it has begun testing four shut-in wells in its adjacent Estancia Vieja field, expected to be completed in February. If the testing brings positive results, the company will embark on “a more ambitious future programme including workovers and reactivations due to commence in Q2 2018.”

President said that it was fully funding all the work in both fields through its cashflow and existing resources. “Concentrating our capex as previously announced on our Neuquén Basin assets, we enter 2018 with a multi-faceted, fully funded work programme,” Levine said.