President Energy has announced a further update on its activities in Argentina.
President's current production from its Puesto Guardian Concession is running at a rate of over 500 bpd with a new workover programme underway on a further two producing wells aimed at maintaining and enhancing production levels. That level of production is nearly double the average level of production during 2015.
A three development well programme is now projected to commence before the end of July, subject to all appropriate contracts being in place. The programme is currently planned to be completed and the wells brought on stream in stages through 2H16. The results will then be analysed with a view to considering a further drilling programme in 2017 on a step by step basis. The wells will be side tracks from existing shut in wells with horizontal producing sections, will comprise one well each from the Company's Dos Puntitos, Pozo Escondido and Puesto Guardian fields, and will target both proven and probable oil reserves. Planning is advanced and discussions with contractors are ongoing with long lead items in the process of being ordered.
President's existing lender, IYA Global Ltd, part of Peter Levine's PLLG Investment Group of Companies has indicated its agreement in principle to provide the entire financial support for the programme by way of unsecured senior debt on final terms anticipated to be agreed in early course.
Edited from press release by Angharad Lock
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