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President Energy provides Argentina operations update

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Oilfield Technology,

President Energy, the oil and gas exploration company, provides the following update on its Argentina operations.

Further to the Company’s announcement on 11 January 2017, President is pleased to announce that the work-over rig has been mobilised to the first well location, and that operations have already commenced.

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

The company maintains its target of 1200 bpd production from Argentina by end summer 2017 and is fully funded for its well workover programme. Further announcements will be made in due course.

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