President Energy has provided an update in relation to its drilling operations at the Estancia Vieja and Las Bases fields, Rio Negro, Argentina.
Key points
- Drilling commenced at EVN-x1
- Targeting a new undrained structure with potential up to 14 MMbbls of oil in place and 26 Bcf of gas
- Workover rig now completing the newly drilled LB-1001 well
- Subject to successful testing LB-1001 expected in production by first part November
Drilling Programme
The exploration well EVN-x1 at the Estancia Vieja field, Rio Negro Province, has now been spudded.
As previously announced, the intended target is an undrilled and undrained structure within the larger Estancia Vieja field where the P50 success case for this well is oil of 40m3/d (250 bopd) and gas of 60,000m3/d (350 boepd) and where the structure as a whole could contain between 5-14 Mmbbls of oil in place and between 11-26 Bcf of gas. In the event of success, it would open the possibility of some 6 follow on wells of which 5 would likely target gas and the other oil. There are no current reserves booked for any part of this structure.
The cost of the well is estimated at US$2.5 million with approx. 28 days to drill down to the 2,000 metres target depth.
A further announcement will be made once target depth is reached and logging of the well has taken place, estimated to be by the end of November.
A workover rig has now been moved to the newly drilled well LB-1001 at the Las Bases field in order to complete the well ready for testing and then production. A further announcement in relation to this well is expected to be made before the end of October. In respect of the workover programme, a summary of the work and results will be provided at the end of the year.
