President Energy commences operations at Puesto Guardian Concession, Argentina

LONDON -- Further to the Company’s announcement on Jan. 11, 2017, President Energy has announced that the workover rig has been mobilized to the first well location, and that operations have already commenced.

The Puesto Guardian Concession workover program will initially focus on the workovers of two producing wells, which are presently under maintenance followed by the planned workovers on old shut-in wells.

The workover plans feature a multi well frac program in batches of three for cost efficiency together with creation of a new water injector in a presently shut-in well. Schlumberger, President’s frac contractor, is working closely with the Company’s team to ensure optimal well design and production capability.

The Company maintains its target of 1,200 bopd production from Argentina by the end of summer 2017, and is fully funded for its well workover program.

Further announcements will be made in due course.