President Energy completes seismic reprocessing in Argentina

AIM-listed oil and gas exploration company President Energy has completed seismic reprocessing and interpretation at its operations in Argentina.

The company, which is focused on South America, reported that significant undrilled highs were identified in proven field areas.

At Pozo Escondido, management estimated an increase in stock tank oil initially in place (STOIPP) of 215% from 20m barrels to 63m barrels.

At the Dos Puntitas field, the company reported that the reprocessing validated the existing STOIIP of 15m barrels and six undrilled highs were identified.

"These results, when combined with the low oil recovery to date, 1.0% and 11% for Pozo Escondido and Dos Puntitas respectively, confirm management's view of further development potential in these fields through fracs, sidetracks and further drilling," the company reported.

Peter Levine, Chairman of President Energy, commented: "We are very encouraged with results of the reprocessing and interpretation of the 3D data on two of our fields in the Puesto Guardian Concession. Once we have the results from the fracs, we can incorporate this critical data to determine the next steps at Puesto Guardian and a longer term field development plan."

President Energy's share price was up 1.09% to 23.25p at 12:35 on Wednesday.

MF