PUESTO GUARDIAN CONCESSION, SALTA PROVINCE, ARGENTINA
President Energy (AIM: PPC), the oil and gas exploration company provides the following update on its Argentina operations.
Further to the Company's announcement on 10 March 2017, President is pleased to announce that the second workover of a previously producing well, DP1001 at the Dos Puntitas field, has achieved successful production substantially ahead of rates prior to it being shut-in.
The well, which previously had a stuck down-hole pump has been re-perforated and treated with an acid stimulation. It is achieving initial flush production which has elevated current Puesto Guardian Concession production, to approximately 750 bopd although this is expected to reduce to the range of 600-650 bopd after initial flush production from this well recedes.
The Rig will shortly move to the first well of the initial three well frac programme of old shut in wells. This is expected to commence next week as there has been a delay due to heavy rains affecting inter-field roads.
Peter Levine, Chairman, commented:
"Good progress is being achieved on our operations and the DP1001 well is currently making a meaningful contribution to a welcome increase in total Argentine Group production. The initial three well frac programme is now next on the agenda with first results expected in June 2017."