President Energy's oil well work on time and on budget

AIM-listed oil and gas explorer President Energy said that the first workover of a producing well at the Dos Puntitas field in Argentina has completed on time and on budget.

The DP12 well previously had a leak in the production packer and a faulty jet pump bottom hole assembly but was treated with an acid stimulation and is now producing in excess of 120 barrels of oil per day, in line with expectations.

The rig has moved to workover the second producing well, DP1001, with the workover and frac programme of old shut-in wells expected to start by the end of the month which puts the the company in “good stead” to meet its target of 1,200 barrels of oil per day by end September.

Chairman Peter Levine said: "A good start for the warm-up to the 2017 workover campaign where we have successfully broken in the rig provided by our new drilling contractor Quintana, with the new crew and field management team bedding in and working efficiently.

“Pleasingly, no performance issues were experienced during drilling relating to the rig, crew or any other of President's contractors.”

Shares in President Energy were down 0.99% to 6p at 0818 GMT.