President Energy reports progress in Louisiana and Argentina

Oil and gas exploration and production company President Energy updated the market on its Argentine and Louisianan operations on Monday.

The AIM-traded firm said that at the Dos Puntitas Field on the Puesto Guardian Concession in Argentina, it has now accepted the drilling rig commenced drilling the DP1002 S/T development well, as initially flagged on 28 June 2016.

“Whilst it is not possible to be precise on timing due to the fact that this is the first horizontal well to be drilled in the concession, estimated drilling time, excluding completion, is considered to be approximately one month,” President’s board said in a statement.

The board said the well is the first of the three horizontal wells in the programme.

“The drilling campaign has been undertaken with the objective of increasing sustainable production from the concession to over 1,000 barrels of oil per day.”

At the East White Lake field in Louisiana, where President has a 22% net revenue interest, it confirmed that drilling of the A55 S/T well has successfully taken place.

“Results of the logs and side well cores show good quality sand with aggregate net oil pay in excess of 40 feet with one section being 28 feet of Y2 sand at a depth of between 9,360 [and] 9,390 feet with 25% porosity,” the board said.

“The well is now being completed as a producer and is expected to be online in September 2016.”

President said the well will make a positive contribution to its net production in Louisiana.

The company said it expects initial production to be in line with similar wells which have had initial gross flow rates of at least 250 barrels of oil per day.