President Energy announces successful workover operations in Argentina

LONDON -- Further to the Company’s announcement on Feb. 20, 2017, President Energy has announced that the first workover of a previously producing well, DP12 at Dos Puntitas field in Argentina, has been completed on time and on budget.

The workover of DP12 went to plan with minimal non-productive time and the well, which had previously had a leak in the production packer and a faulty jet pump bottom hole assembly, has been treated with an acid stimulation and is achieving an initial production in excess of 120 bopd, in line with expectations.

The rig has now moved to workover the second of the previously producing wells, DP1001 at Dos Puntitas field, and operations have now commenced at that site after which the previously announced workover and frac program of old shut-in wells is still expected to commence near the end of March.

Peter Levine, chairman, commented, “A good start for the warm-up to the 2017 workover campaign where we have successfully broken in the Rig provided by our new drilling contractor Quintana, with the new crew and field management team bedding in and working efficiently. Pleasingly, no performance issues were experienced during drilling relating to the rig, crew or any other of President’s contractors. The experience gained so far stands us in good stead when we start to workover and frac the old shut-in wells come end of March onwards, targeting our objective of 1,200 bopd by the end of September 2017.”