President Energy upbeat on first Rio Negro well workover

Argentina-focussed exploration and production company President Energy updated the market on its operations on Thursday, following the results of its first well workover in the current programme at its Rio Negro fields.

The AIM-traded firm said the workover of the first well, EV-x1, was completed on time and ahead of budget, with “excellent” preliminary gas flow and pressure tests.

It said the well was now shut-in, adding that a workover rig would be moved off to the next well in the programme.

Five days of further testing would take place, and the well should be on-line by the end of September.

“This is an encouraging preliminary start at a reasonable cost and subject to satisfactory testing underpins what we have been saying for a long time as to the gas potential in Estancia Vieja,” said chairman Peter Levine.

“It is important however to bear in mind that we have the two well drilling programme to come as well as progressing the workover programme, as announced, with drilling on track to commence by the end of this month.

“So, we thus progress, well by well.”

At 1124 BST, shares in President Energy were up 10.91% at 1.83p.