StockMarketWire.com - President Energy provided an update on its continued work-over programme at its Puesto Guardian concession, Argentina.

Since the last workover update on 14 June 2017, President completed work on the new water disposal well at Dos Puntitas 8 and brought the prior successful workovers at Puesto Guardian 21 and Dos Puntitas 15 into production as planned and at expected levels. The rig moved to Well CGr-20 at the Canada Grande field in the concession.

The concession consists of five main fields, four of which (Dos Puntitas, Pozo Escondido, Puesto Guardian and Martinez del Tineo) have producing wells.

However, the fifth field, Canada Grande, had not seen any consistent production activity since 2011.

The workover at CGr-20, which last produced 32 years ago in 1985, involved perforating a previously untouched 5m section of reservoir which the President team identified as potentially oil bearing, situated above the old production zone in the Cretaceous level which had ceased to flow.

The well has on a two day test successfully and steadily free flowed good quality light oil, 43 degree API at rates in the range of 50-80 bopd without the need for the previously planned stimulation or downhole pump.

Accordingly, steps are being taken to hook up this well to the Puesto Guardian field battery as the Canada Grande field is in a remote location having had its infrastructure removed some time ago.

The successful test results and steady oil flow encouraged President to consider other old wells in the Canada Grande field as well as undrilled prospectivity there.

In the meantime, the rig is moving back to the Puesto Guardian field for the next workover at Well PG-19.

In parallel, facility upgrades continue to take place with the emphasis on replacing old equipment, maintaining production with the minimum of shut downs and bringing in more powerful surface pumps to more adequately handle the increased gross fluids being produced.




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