President Provides Operations and Corporate Update

Source: www.gulfoilandgas.com 11/22/2021, Location: South America

President Energy, the energy company with a diverse portfolio of energy assets provides an update on its oil and gas operations in Argentina and Louisiana

Highlights
Workover of two gas wells in Rio Negro , Argentina completed with aggregate current incremental production 40,000 m3/d of gas (230boepd)
New oil well in Salta drilling ahead at 2,500 metres depth with target depth of 3,300 metres expected to be reached in next seven days
Workover of Triche well in Louisiana continuing
Paraguay farm out still expected to complete at or around end November

Rio Negro , Argentina Workovers
The previously announced two gas well workovers in the Company's blocks in Rio Negro Province have now been completed.

Incremental gas production has been achieved currently running at the rate of an additional 40,000 m3/d or 230 boped which reflects the pre-work agggregate estimate. Costs of the two workovers are estimated at US$ in aggregate.

Salta drilling
Drilling of the first of the three firm new wells has reached a depth of 2,500 metres. On the current rate of progress target depth of approximately 3,300 metres should be achieved in the next 7 days.

Louisiana
The workover of the Triche well continues on plan. It is projected that in the event of success the workover will result in both the Triche and Simmons wells being placed back on production during the first week of December.

Paraguay
The previously announced farm out of the Pirity Concession remains on track to be completed at the end of the month.

A more comprehensive announcement in relation to this transaction is expected to be made on or about 30 November .
Peter Levine , Chairman, commented on the core hydrocarbons business
"While there is certainly a lot of excitement surrounding the forthcoming flotation of the Company's subsidiary Atome Energy PLC just as exciting is the important work that the team continues to deliver on the ground in Argentina , the United States and Paraguay .

"Thus I am pleased to report that the progress continues and I remain grateful to my colleagues for their diligence and continued honest endeavour in keeping on point and focused on our objectives within the hydrocarbon businesses. Thanks to them our plans remain on track and our production is increasing".





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