President Energy PLC saw an 8% increase in share prices today following several promising new announcements regarding the company’s wells in Argentina.
Most notably, is the news that President's new well at its Puesto Flores and Estancia Vieja concession has flowed at better rates than initially expected. The PFO 1001 well in Pre Cuyo, now successfully completed and tested, flowed from the Pre Cuyo formation at over 200 barrels of oil per day.
The good news gets better when considering that the PFO 1001 isn’t even President's primary target, which instead is about 200 metres higher up in the well with an “excellent” porosity of 25%. This well will be brought into production in the future.
The company is confident this successful well will “result in an increase in President’s proven oil resources.”
President also shared news about a second new well, PFE 1001, which has been drilled to target depth meeting both time and budget expectations. As oil and gas show in mud logs in all three target formations, President is considering this well to add to its prospective resources.
Looking ahead, President has confirmed that its targeted Group net exit production for the year end 2018 is in excess of 3,000 boepd, which is an over 50% increase year on year.
