- President Energy said a new oil and gas well in its Puesto Flores and Estancia Vieja prospect in Rio Negro province, Argentina had produced results to date an the upper end of expectations.

The PFO 1001 development well was drilled to a total depth of 2,359 metres.

According to logs, net pay was above 23m, with good-to-excellent porosity ranging from over 18% to some 25%.

President also recorded 'commendable' peak gas readings, while drilling reached up to nearly 1m parts per million.

A completion rig would be mobilised for early November to test and complete the well, where upon it will be tied in as a producer.

'Whilst the acid test is that of flow rates which we anticipate for November, the delivery of a successfully drilled well and the results so far obtained are all very encouraging,' chairman Peter Levine said.

'When we commenced this three well programme, we stated that we were targeting an initial 600bopd contribution in aggregate from those three wells.

'Whilst we still need to complete this well successfully and drill and complete the next two, based on the evidence to date, we now view the achievement of this target with increasing confidence.'

At 9:11am: [LON:PPC] President Energy Plc share price was +0.15p at 8.3p

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