President Energy unveils positive flow results from Argentinian concession

27th Jun 2013 09:28

Preliminary results from the first of three hydraulically stimulated wells at the Puesto Guardian concession are performing "ahead of expectation", international oil and gas exploration company President Energy reported. President Energy, which has a 50% working interest in the aforementioned Argentinian concession, said that well DP1001 at the Dos Puntitas Field was currently free flowing without pump into the facility at a gross flow rate of liquids (oil and injection water) of 490 barrels of oil per day (bpd). The South America-focused company said oil cut is presently 70% and continues, as it expected, to increase steadily as the injection water continued to be cleaned up. The gross flow rate represented a five-fold increase in production pre-stimulation, with oil coming from both the carbonates and A6 sand sections, the company added. The group stated: "Whilst it would be premature to draw too many conclusions at this stage of the clean-up and initial production of these three wells, the magnitude of flow-rate increase on this first single stage oil well stimulation is an extremely encouraging response."President Energy's share price was up 1.33% to 19p at 09:50 on Thursday. MF