President Energy (AIM: PPC), the energy company with a diverse portfolio of energy assets provides an update on its drilling operations in Salta, Argentina and workover in Louisiana
· Well DP-2003 has reached target depth
· Encouraging data from mud logs
· Electric logging to take place over the Christmas period with results expected before new year
Drilling of the DP-2003 well has reached target depth of 3,228 metres with encouraging mud log data obtained whilst drilling.
Electric logs, which offer much greater and accurate information and analysis, will be run over the Christmas period with results expected to be announced before the New Year.
Subject to successful results of the electric logs, the well will then cased and the rig will move to an adjacent location to drill DP-2002. On current estimations, subject to the above and all factors being equal, this is projected to spud by mid January.
The workover rig to complete the new well is being mobilised from the Neuquén Basin and is due to commence work in Salta in or about the third week of January.
Due to continued down hole issues out of President’s control, it has now been determined to plug back the well and perforate the next oil bearing interval which had live oil shows in the logs and cores taken at the time of drilling the well. Due to holidays combined with the continued pandemic in Louisiana where only 50% of the population has been vaccinated this will now take place at the start of January. The previous post workover production prognosis remains valid.
President Energy PLC
Nikita Levine, Investor Relations
+44 (0) 207 016 7950
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.
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014