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President Energy PLC - Drilling Update

RNS Number : 9793B
President Energy PLC
14 October 2020
 

 

 

14 October 2020

 

PRESIDENT ENERGY PLC

("President" or the "Company")

 

 Drilling Update

President Energy (AIM: PPC), the energy company with a diverse portfolio of production and exploration assets, provides an update in relation to its drilling operations at the Estancia Vieja and Las Bases fields, Rio Negro, Argentina.

Key points

·       Drilling commenced at EVN-x1

·       Targeting a new undrained structure with potential up to 14 MMbbls of oil in place and 26 Bcf of gas

·       Workover rig now completing the newly drilled LB-1001 well

·       Subject to successful testing LB-1001 expected in production by first part November

 

Drilling Programme

The exploration well EVN-x1 at the Estancia Vieja field, Rio Negro Province, has now been spudded.

As previously announced, the intended target is an undrilled and undrained structure within the larger Estancia Vieja field where the P50 success case for this well is oil of 40m3/d (250 bopd) and gas of 60,000m3/d (350 boepd) and where the structure as a whole could contain between 5-14 Mmbbls of oil in place and between 11-26 Bcf of gas. In the event of success, it would open the possibility of some 6 follow on wells of which 5 would likely target gas and the other oil. There are no current reserves booked for any part of this structure.

The cost of the well is estimated at US$2.5 million with approximately 28 days to drill down to the 2,000 metres target depth.

A further announcement will be made once target depth is reached and logging of the well has taken place, estimated to be by the end of November.

A workover rig has now been moved to the newly drilled well LB-1001 at the Las Bases field in order to complete the well ready for testing and then production. A further announcement in relation to this well is expected to be made before the end of October. In respect of the workover programme, a summary of the work and results will be provided at the end of the year.

 

Investor Meet

President Energy Plc is pleased to announce that Peter Levine (Chairman) and Rob Shepherd (Group FD) will provide a live presentation on unaudited Interim results for H1 2020 via the Investor Meet Company platform on Monday 26th October 2020 at 11:00am.

The Company is committed to ensuring that there are appropriate communication structures for all elements of its shareholder base so that its strategy, business model and performance are clearly understood.

·       The online presentation is open to all existing and potential shareholders.

·       Questions can be submitted pre-event via your IMC dashboard or at any time during the live presentation via the "Ask a Question" function. Although the Company may not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market. Responses to the Q&A from the live presentation will be published at the earliest opportunity on the Investor Meet Company platform.

·       Investor feedback can also be submitted directly to management post-event to ensure the Company can understand the views of all elements of its shareholder base.

 

Investors can sign up to Investor Meet Company for free and add to meet President via: https://www.investormeetcompany.com/president-energy-plc/register-investor 

Investors who have already registered and added to meet the Company will be automatically invited.

 

Glossary:

Bcf means Billions of cubic feet of gas

Bopd means barrels of oil per day

Boepd means barrels of oil equivalent (oil and gas) per day

EV means the Estancia Vieja field in the Puesto Flores/Estancia Vieja Concession, Rio Negro, Argentina

LB means the Las Bases Concession, Rio Negro

M3/d means cubic metres of production of gas or oil as the case may be

Mmbbls means millions of barrels of oil

Oil in Place means the total content of a reservoir (ignoring recovery factors) estimated prior to any drilling/production

 

 

 Contact:

President Energy PLC

Rob Shepherd, Group FD

Nikita Levine, Investor Relations

 

 

 

+44 (0) 207 016 7950

 

finnCap (Nominated Advisor)

Christopher Raggett, Charlie Beeson

 

+44 (0) 207 220 0500

 

Shore Capital (Corporate Broker)

Jerry Keen, Antonio Bossi

 

 

+44 (0) 207 408 4090

Tavistock (Financial PR)

Nick ElwesSimon Hudson

 

+44 (0) 207 920 3150

 

 

Notes to Editors

 

President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused on Argentina, with a diverse portfolio of operated onshore producing and exploration assets.

 

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 Rio Negro Province in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.

 

The Group is also actively pursuing value accretive acquisitions of high-quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support, including the IFC, part of the World Bank Group as well as the international commodity trader and logistics company Trafigura, an in-country management team as well as a Board whose interests are aligned to those of its shareholders, President Energy gives UK investors access to the Argentina energy growth story combined with world class standards of corporate governance, environmental and social responsibility.

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014

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