President Energy Reports Success at PF0 1005 Well In Rio Negro

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(Energy Analytics Institute, Aaron Simonsky, 18.Dec.2018) — President Energy announced drilling success at the company’s third new well, PF0 1005, located in Puesto Flores, Rio Negro Province, Argentina.

The well has now been successfully drilled, logged, cemented and cased to 2,360 meters on time and on budget, President Energy announced in an official statement on its website.

Both the Punta Rosada primary target and the Lotena formation secondary target resulted in good oil shows while drilling and are shown by electronic logs to be encouraging with 18 meters of net oil pay determined to be tested having good oil saturation and porosity. The results were in line with pre-drill expectations, the company announced.

President Energy holds a 90% interest in the Puesto Flores Concession in Rio Negro Province, Argentina, while EDHIPSA holds the remaining 10% interest.

“To have drilled, logged, cased and cemented the entire three well program on time and on budget and be producing from the first two wells ahead of expectations with the third yet to come on stream underlines just how far President has come in its operational capabilities this year,” said President Energy Chairman and Group CEO Peter Levine.

The drilling rig is now being demobilized from the Puesto Flores field with the workover rig expected to start testing and completion of the well towards the end of this week.

After this, the well is currently scheduled to be placed on production at or around year-end 2018. At this time, management of President Energy retains its conservative pre-drill expectations of 200 barrels per day of oil initial production from this well pending successful testing and the well coming on to production.

Management with President Energy reaffirms its Group target 2018 exit production rate is 3,000 barrels of oil equivalent per day (boe/d).

“The drilling has been conducted successfully in parallel with many other operations in our various concessions in Argentina and follows on from the workover successes achieved in the first half of the year,” said Levine. “Drilling will start up again during the course of 2019 but in the meantime diverse reactivations, workovers and infrastructure work will continue including integration of the two new Concessions in Rio Negro on which more will be said in due course.”

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© Energy Analytics Institute (EAI)

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