President Energy Provides Operational Update

Source: 12/23/2021, Location: North America

President Energy, the energy company with a diverse portfolio of energy assets provides an update on its drilling operations in Salta, Argentina and workover in Louisiana.

- Well DP-2003 has reached target depth
- Encouraging data from mud logs
- Electric logging to take place over the Christmas period with results expected before new year

Salta drilling
Drilling of the DP-2003 well has reached target depth of 3,228 metres with encouraging mud log data obtained whilst drilling.

Electric logs, which offer much greater and accurate information and analysis, will be run over the Christmas period with results expected to be announced before the New Year.

Subject to successful results of the electric logs, the well will then cased and the rig will move to an adjacent location to drill DP-2002. On current estimations, subject to the above and all factors being equal, this is projected to spud by mid January.

The workover rig to complete the new well is being mobilised from the Neuquén Basin and is due to commence work in Salta in or about the third week of January.

Due to continued down hole issues out of President's control, it has now been determined to plug back the well and perforate the next oil bearing interval which had live oil shows in the logs and cores taken at the time of drilling the well. Due to holidays combined with the continued pandemic in Louisiana where only 50% of the population has been vaccinated this will now take place at the start of January. The previous post workover production prognosis remains valid.

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