President Energy (PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update on its new well programme at the Puesto Flores/Estancia Vieja Concession in Rio Negro Province, Argentina (President 90% and operator - Edhipsa 10%).
President confirms that the PFO 1001 development well at the Puesto Flores field has now been spudded and is drilling ahead. PF1001 is the first well in the previously announced new three well development drilling programme at the Puesto Flores field.
Each of these wells will take approximately 21 days to drill, will be completed by a workover rig and then tied in to President's existing battery. All three wells are targeting existing 2P (probable) oil reserves which on success would convert certain of these into the 1P (proven) reserves category.
All the wells are anticipated to be on stream before the end of the year with the target of this drilling campaign to add an additional 600 bopd to year end 2018 field exit production.
The AFE (authority for expenditure) for the three wells show a total cost of the three wells of US$10 million with a payback of 12 months. The costs, as previously stated, are being met out of President's own financial resources.
