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.
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
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
