President Energy has reported that fraccing operations have commenced at its Puesto Guardian concession in Argentina.
The company said that a work-over rig is now in location, having previously been delayed due to bad weather and upgrading. It said that work-over operations had started on a first phase three well programme as a prerequisite to fraccing equipment arriving on site.
Work-over and fraccing are expected to operate in tandem, with the first results expected in early June.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The three wells which are subject to the first phase are known as Wells PE7 and PE8 at the Pozo Escondido Field and Well DP1001 at the Dos Puntitas Field.
President energy reported that Wells PE7 and PE8 have both been shut in for 20 years and previously successfully produced from the A6 sands whilst showing unrecovered oil from the Carbonates above.
Well DP1001 is a relatively new well, producing circa 80 barrels of oil per day (bopd) free flow from both the A6 sands and the higher Carbonate interval.
The commencement of the fraccing campaign follows the previously announced results from the 3D seismic survey that was recently carried out.
President Energy's share price was up 2.33% to 22p at 09:24 on Monday.
MF
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
