President Energy's new well to bring production up to 3,000 boepd

President Energy said on Tuesday that it has successfully drilled the third and final well of its drilling programme, completing the project on time and budget.

The Argentina-focussed upstream oil and gas company said that well PF0 1005 at the Puesto Flores concession in Rio Negro Province, in which President holds a 90% stake, hit both primary and secondary targets as it was drilled to 2,360m.

Both primary and secondary targets have displayed 18 metres of net oil pay to be perforated in line with pre-drill expectations.

Peter Levine, chairman and group chief executive, said: "To have drilled, logged, cased and cemented the entire three well programme on time and on budget and be producing from the first two wells ahead of expectations with the third yet to come on stream underlines just how far President has come in its operational capabilities this year."

The drilling rig is in the process of being demobilised from the Puesto Flores field with a workover rig anticipated to commence testing and completion of the new well towards the end of the week.

Following this, the new well is scheduled to be placed on production at or around New Year, with expectations of 200 bopd initial production and a total exit 2018 production rate of 3,000 boepd.

"Drilling will start up again during the course of 2019 but in the meantime diverse reactivations, workovers and infrastructure work will continue including integration of the two new Concessions in Rio Negro on which more will be said in due course," said Levine.

President Energy’s shares were up 1.06% at 9.57p at 0945 GMT.