President Energy to begin well workover programme in Argentina

UK-based President Energy has unveiled plans to commence an accelerated programme of workovers and drilling activity at the Puesto Flores/Estancia Vieja Concession in the Rio Negro Province, Argentina.

Under the workover programme, the company will undertake necessary remedial work to three producing wells, other non-producing wells and a water injector well.

Each well will be drilled to around 2,750m at a cost of around $3m per well.

The initial three-well drilling campaign is set to start in Q3 2018 and will target proved undeveloped reserves in existing producing reservoirs.

The proposed programme comes after the success of a four-well workover programme conducted in Q4 2017 that increased production from new perforated zones and reserves.

The latest project has an expected payback of less than one year.

President Energy chairman and CEO Peter Levine said: “Time flies and with six months already gone since we acquired the concession, so must we.

“Therefore, encouraged by the success so far, and taking advantage of current oil prices and cash flow, we are moving forward with an advanced programme, substantially ahead both of our original plans and our commitments to the Rio Negro Province.”

President Energy is also planning to conduct long-term testing at up to four gas wells at the Estancia Vieja field in June this year.