President Energy PLC Argentina Operations Update (8414T)
January 11 2017 - 1:00AM
UK Regulatory
TIDMPPC
RNS Number : 8414T
President Energy PLC
11 January 2017
11 January 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
ARGENTINA OPERATIONS UPDATE
President Energy (AIM: PPC), the oil and gas exploration
company, provides the following update on its Argentina
operations.
President announces that it has now entered into a contract for
a workover rig in relation to the forthcoming multi-well workover
campaign, the plans for which were announced at the time of the
recent placing in November 2016.
The rig is to be provided by Quintana Well Pro S.A. and will be
based at and dedicated to the Company's Puesto Guardian Concession
(the "Concession") for a period of 12 months, thereby giving the
Company significant flexibility in its rolling workover programme.
It is expected that the rig will be mobilised to the Concession in
the next four weeks after thorough acceptance testing.
First operations will commence in February with workovers of two
producing wells which are presently under maintenance, together
with the creation of a new water injector in a currently abandoned
well. Workovers on old shut-in wells are due to commence during
March 2017. The workovers include a frac programme on at least
three of the old shut-in wells.
The Company reaffirms its target of 1,200 bopd production from
Argentina by end summer 2017, as originally announced at the time
of the November placing.
This announcement is inside information for the purposes of
article 7 of Regulation 596/2014
Contact:
President Energy PLC
Peter Levine, Chairman +44 (0) 207 016 7950
Miles Biggins, COO +44 (0) 207 016 7950
Peel Hunt LLP (Nominated
Advisor & Joint Broker)
Richard Crichton, Ross Allister +44 (0) 207 418 8900
BMO Capital Markets (Joint
Broker)
Jeremy Low, Neil Haycock +44 (0) 207 236
and Tom Rider 1010
Vigo Communications
Chris McMahon
Patrick D'Ancona +44 (0) 207 830 9700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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