President Energy PLC - Drilling Update
PRESIDENT ENERGY PLC
("President" or the "Company")
President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets, provides an update in relation to its drilling operations at the Estancia Vieja and Las Bases fields,
· 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
The exploration well EVN-x1 at the Estancia Vieja field,
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
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.
President Energy Plc is pleased to announce that
The Company is committed to ensuring that there are appropriate communication structures for all elements of its shareholder base so that its strategy, business model and performance are clearly understood.
· The online presentation is open to all existing and potential shareholders.
· Questions can be submitted pre-event via your IMC dashboard or at any time during the live presentation via the "Ask a Question" function. Although the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the Investor Meet Company platform.
· Investor feedback can also be submitted directly to management post-event to ensure the Company can understand the views of all elements of its shareholder base.
Investors can sign up to Investor Meet Company for free and add to meet President via: https://www.investormeetcompany.com/president-energy-plc/register-investor
Investors who have already registered and added to meet the Company will be automatically invited.
Bcf means Billions of cubic feet of gas
Bopd means barrels of oil per day
Boepd means barrels of oil equivalent (oil and gas) per day
EV means the Estancia Vieja field in the Puesto Flores/Estancia Vieja Concession,
LB means the Las Bases Concession,
M3/d means cubic metres of production of gas or oil as the case may be
Mmbbls means millions of barrels of oil
Oil in Place means the total content of a reservoir (ignoring recovery factors) estimated prior to any drilling/production
President Energy PLC
+44 (0) 207 016 7950
finnCap (Nominated Advisor)
+44 (0) 207 220 0500
Shore Capital (Corporate Broker)
+44 (0) 207 408 4090
Tavistock (Financial PR)
+44 (0) 207 920 3150
Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused on
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014
Quick facts: President Energy PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE