President Energy makes progress in Rio Negro
Molecular Energies
7.00p
16:49 26/04/24
Upstream oil and gas company President Energy updated the market on its drilling programme at the Puesto Flores/Estancia Vieja Concession, in Río Negro Province, Argentina on Thursday, where President was the operator with a 90% holdings, and provincial energy company EDHIPSA held 10%.
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The AIM-traded firm said PFO 1001 was the first newly-drilled well, and was now tied-in and flowing from the Punta Rosada primary target formation at 600 bopd.
It said the secondary Pre Cuyo target, 200 metres lower down in the well which flowed at 240 bopd, had been temporarily isolated and kept in reserve to produce at a later date.
PFE 1001, the second new well, was successfully cased, the board reported, showing total net oil pay of 43 metres in aggregate over both primary and secondary targets.
Testing of the second well was to commence next week, President explained.
The drilling rig would be moved next week to drill the third and final well in the year's programme, PFO-1005.
“President's progress continues with the results from the first well speaking far more eloquently than any words that can be written,” said chairman and chief executive officer Peter Levine.
“Every well is different and accordingly it is important to manage expectations and retain our original targets for the second and third wells in the series.”