Workover results for President Energy

BUENOS AIRES, June 14, 2017 – President Energy has achieved promising results from workover operations in Argentina, the company reported in press release on Wednesday.

The company said it has addressed three non-producing wells in its Puesto Guardian concession so far, with two already showing promising signs.

Tests on initial production from the Dos Puntitas 15 and Puesto Guardian 21 wells have indicated output levels of 100-150 bopd per well, exceeding the company’s expectations.

Furthermore, President reported it was able to achieve this without performing hydraulic fracturing. It expects the wells to be completed and in full production by the end of this month.

Work on a third well, Pozo Escondido 1, has been suspended while further review is undergone. President said it still hopes to achieve 1,200 bopd from Puesto Guardian by the end of Q3 2017.

“The encouraging start to the workover campaign, with better than expected results without the need of fracking is pleasing. Whilst there is always a calculated risk when re-entering wells that have been dormant for many years, solid progress is now being achieved,” company president and CEO Peter Levine commented on the results.

“The present objective for President is clear being to increase production at the Puesto Guardian Concession from an increased number of producing wells. This aim is being addressed step by step,” said Levine.

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