President Energy Makes Progress At Puesto Guardian Concession

LONDON (Alliance News) - President Energy PLC on Monday said it has successfully completed work ...

Alliance News 17 July, 2017 | 12:38PM
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LONDON (Alliance News) - President Energy PLC on Monday said it has successfully completed work on the new water disposal well at Dos Punitas 8 and brought the prior successful workovers at Puesto Guardian 21 and Dos Puntitas 15 into production as planned and at expected levels at the Puesto Guardian concession in Argentina.

Following this, the rig then moved to Well CGr-20 at the Canada Grande field in the concession.

The concession consists of five main fields, four of which - Dos Puntitas, Pozo Escondido, Puesto Guardian and Martinez del Tineo - currently have producing wells.

The fifth field, Canada Grande, has not seen any consistent production activity since 2011, but has, on a two-day test, successfully and steadily free flowed good quality light oil, President said.

As a result, President is now taking steps to hook up the well to the Puesto Guardian field battery, as the Canada Grande field is in a remote location having had its infrastructure removed some time ago.

"In the face of a remote location and varied downhole challenges in a 30-year old well, to bring the fifth field at our Puesto Guardian concession back into contributing production after many years is a commendable achievement. The fact that we are producing oil from a previously ignored zone in the reservoir gives us an impetus to look at the field with fresh and increasingly educated eyes," Chairman & Chief Executive Peter Levine said in a statement.

Shares in President Energy were trading down 0.3% at 6.98 pence on Monday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
President Energy PLC 6.77 GBX 0.30 -
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