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President Energy flow rates increase markedly following hydraulic stimulation

President Energy has unveiled some encouraging news from its Puesto Guardian concession in Argentina. It said well DP1001 on the Dos Puntitas Field is flowing 490 barrels day of oil and injection water – with a 70% cut of crude (and rising). It is the first of three wells to be hydraulically stimulated.

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President Energy (LON:PPC) has unveiled some encouraging news from its Puesto Guardian concession in Argentina.

It said well DP1001 on the Dos Puntitas Field is flowing 490 barrels day of oil and injection water, with a 70% cut of crude (and rising).

It is the first of three wells to be hydraulically stimulated and the gross flow rate represents a five-fold increase on production before the action was taken.

“Whilst it would be premature to draw too many conclusions at this stage of the clean-up and initial production of these three wells, the magnitude of flow-rate increase on this first single stage oil well stimulation is an extremely encouraging response,” the company told investors.

President has a 50% working interest in the concession.

Quick facts: President Energy PLC

Price: 1.59 GBX

AIM:PPC
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Market Cap: £32.04 m
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