President Energy PLC - Drilling and Workover Update
("President" or the "Company")
Drilling and workover update
Since that announcement further progress has been made as follows:
1. Workovers of two wells are now expected to commence by end
2. Drilling of the previously announced Las Bases LB-1001 development well is currently scheduled to commence mid to end
3. As EVN-x1 is targeting a new undrained structure within the larger Estancia Vieja field, which could contain between 5-14 mmbbls of oil-in-place and between 11-26 Bcf of gas initially in place, a success case would open up the possibility of some 6 follow on wells, of which 5 would in such case target additional gas production and one additional oil production.
4. After this drilling programme, President will then take time to review the results and re-commence drilling in Q1 2021.
5. Within H1 2021, President is planning to drill in
6. In a success case for the above wells, the beneficial uplift impact on the level of proven hydrocarbon reserves and according net present value therefor will be material in the context of the Group's current independent audited reserves in
In the light of the nature and proximity of drilling in September, the infrastructure work previously scheduled for June in relation to compressors and infrastructure has been re-imagined and re-engineered so that the work will be carried out in parallel with the drilling to facilitate the differences in pressures and volume.
All the above work costs are projected to be paid from President's own resources and cash flow without the requirement for additional borrowing beyond current levels.
Further announcements will be made at the appropriate times.
Bcf means a billion of cubic feet of gas
Bopd barrels of oil per day
Gas Originally in Place means an estimate of the amount of gas contained in a reservoir being higher than the recoverable amounts
MMboe means million barrels of oil equivalent (oil and gas)
MMscf/d means a million standard cubic feet of gas per day
Oil-In-Place means the estimated amount of oil in a reservoir being higher than the recoverable amounts
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Notes to Editors
The Company has operated interests in the Puesto Flores, Estancia Vieja, Puesto Prado and Las Bases Concessions, and Angostura exploration contract, all of which are situated in the
The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014
This information is provided by RNS, the news service of the
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