26 May 2021 | 09:28am
StockMarketWire.com - Oil company President Energy said a new gas well in Argentina had been been completed and had displayed excellent pressure.
The EV-1002 gas well was now in production alongside the new EV-1001 well.
Aggregate current production from the new wells together with the new well LB-1002 was expected to be approximately in line with pre-drill projections of around 170,000 cubic meters per day.
A combined cost for the three wells was in line with budget at around $4 million, President Energy said.
At 9:28am: [LON:PPC] President Energy Plc share price was 0p at 1.63p
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10 May 2021 | 09:33am
StockMarketWire.com - Argentina-focused oil company President Energy said a new gas well at the at the Estancia Vieja field in Rio Negro province had been drilled, logged and cased on time and budget.
The electric logs for the EV-1002 well, reflecting muds logs while drilling, showed about 14 metres of net pay in the Vaca Muerta and Catriel formations subject to petro-physical analysis with good porosity of some 25%.
President Energy also said that new gas well LB-1001 was placed on production, while EV-1001 was completed and being tested with results projected after clean up to be in line with expectations.
28 April 2021 | 09:42am
StockMarketWire.com - Oil company President Energy said testing of a new well in Argentina confirmed its expected net pay and production potential.
The EV-1001 well in Rio Negro had been drilled, logged and cased on time and budget.
Electric and mud logs together with a petrophysical review identified a net gas pay as expected, supporting a pre-drill projection of initial production of 60,000 cubic metres per day.
The rig was now moving off location to the next well, EV-1002, also at the Estancia Vieja field.
The move was expected to take up to four days with spudding currently projected within around seven days.
21 April 2021 | 09:42am
StockMarketWire.com - Oil company President Energy said a gas new well in Argentina had recently come on stream and was flowing at a better-than-expected rate.
The LB-1001 well at the Las Bases field in Rio Negro province had recently undergone a workover. Initial production results demonstrate a better-than-expected level of gas production with no associated water and good pressure, President Energy said. This gives President confidence that levels in excess of the previously stated 61,000 million cubic feet per day of gas can be achieved with careful well management.
President Energy also said that gas prices in Argentina were showing marked signs of increase, now that the summer months were coming to an end.
12 April 2021 | 09:30am
StockMarketWire.com - Oil company President Energy said electric and mud logs had confirmed pre-drill expectations of gas pay at well in Argentina.
Gas pay from the LB-1002 well at the Las Bases field in Rio Negro Province was confirmed in the Centenario formation with good permeability and porosity.
The drilling rig was now moving off location to the next well, EV-1001 at the Estancia Vieja field, which would take five-to-six days, with spudding currently projected in around 10 days.
LB-1002 would now be completed with a coiled tubing unit, with production slated to commence by the end of April.