President Energy realigns Rio Negro drilling programme

South America-focussed President Energy updated the market on its drilling programme in Argentina’s Rio Negro province on Tuesday, reporting that a drilling rig had been contracted, with site preparations in progress.

The AIM-traded firm said it was on schedule to start the first well by the end of March.

It explained that it had realigned its drilling order to maximise production and decision-making efficacy, with the first well to be drilled to be LB-1002 in the Las Bases concession.

“President continues on its stated work trajectory with a prudent level of optimism supported by robust pricing for our gas offerings,” said chairman Peter Levine.

“The mission is to make our average production more robust, increase our well stock to greater insulate us against the inevitable well down times, benefit from economies of scale using our own pipeline infrastructure, and get these gas wells drilled on budget and in time for the more favourable winter price environment.”

At 1404 GMT, shares in President Energy were down 4.02% at 2.15p.