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President Energy begins drilling in Argentina

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Oilfield Technology,

President Energy has provided the following update on its Argentine and Louisianan operations.

Dos Puntitas Field, Puesto Guardian Concession, Argentina

President has accepted the Drilling Rig and accordingly has reported the commencement of drilling of the DP1002 S/T development well at its Dos Puntitas Field, Puesto Guardian Concession, Salta, Argentina. Estimated drilling time, excluding completion, is considered to be approximately one month.

The well is the first of the three horizontal well programme. The drilling campaign has been undertaken with the objective of increasing sustainable production from the Concession to over 1000 bpd.

East White Lake field, Louisiana (President 22% net revenue interest)

The Company also announced that drilling of the A55 S/T well at the non-core, non-operated East White Lake field has successfully taken place. Results of the logs and side well cores show good quality sand with aggregate net oil pay in excess of 40 ft with one section being 28 ft of Y2 sand at a depth of between 9360 - 9390 ft with 25% porosity. The well is now being completed as a producer and is expected to be online in September 2016. The well will make a positive contribution to President’s Louisiana net production.

Edited from press release by

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