President Energy provides update on Argentina work-over program

LONDON -- President Energy, the upstream oil and gas company provides an update on its work-over program at its Puesto Guardian Concession, Argentina.

The Company has achieved success since commencing the slated program of work on old shut in wells following on from the two successful workovers of producing wells earlier in the year.

Three non-producing wells have been addressed to date. Of these, Dos Puntitas 15 and Puesto Guardian 21 have now been tested at initial production levels above expectation, ranging from 100 bopd to 150 bopd per well without the need for fraccing. These wells are expected to be completed and in full production by the end of June.

The re-entry on the third well, Pozo Escondido 1, highlighted the need for remedial work on the casing, which was outside of the scope of the equipment and services readily available at this time. Whilst the well has been suspended and removed from the immediate workover sequence while its program is reviewed, the work on it to date has demonstrated that it remains a valid candidate for subsequent workover subject to it being economical to complete.

Due to the increased production at Dos Puntitas, the rig is currently carrying out a conversion of Dos Puntitas 8 into a water disposal well. These works are expected to be complete in two weeks and then the rig will return to incremental oil production workovers at the end of June.

The Company continues to target 1,200 Bopd from the Concession by the end of September.