President Energy begins work programmes at Puesto Flores and Estancia Vieja

AIM-listed group President Energy announced on Monday that the initial work programme at its recently acquired assets in the Neuquén Basin of Argentina would commence by the end of November.

Located in the Rio Negro Province and funded from existing cash flow, President said it planned to work-over two contingent wells in addition to three firm wells, four of which had been shut in prior to the firm's acquisition in late September.

The Leeds-based group said its objective was to bring the wells back into production as well as testing by-passed intervals which had demonstrated evidence of hydrocarbons during original drilling.

Peter Levine, President's chairman and chief executive, said, "We are hitting the ground running at Puesto Flores following our acquisition of these oil producing assets less than three weeks ago, on 20 September 2017. This initial work is an important first step in what will be an increasingly intensive programme running through 2018 led by President's in-country team with extensive experience of the Concession as we explore multiple opportunities to grow production."

The wells would be serviced by electrical submersible pumps from the main power grid and would be capable of being placed on production "at the end of the year should work be successful."

As of 0945 BST, shares had dropped 1.54$ to 8.00p.