StockMarketWire.com - President Energy said fracturing activities at a well in Argentina had so far generated results at the high end of initial expectations.

The company is conducting a trial hydraulic fracturing, also known as 'fraccing', at the PFO-16 well at the Puesto Flores field in Rio Negro Province.

The frac operation was completed successfully with over 100,000 pounds of proppant going into the formation.

Flowback and testing operations were currently ongoing to clean out the well.

'President is pleased to report that so far the frac has proved to be at the high end of initial expectations,' the company said.

In the production testing that is taking place, the oil cut was a very good 95%.

The daily test rate of oil production was three times greater than the pre-frac level.

'The well, still not fully cleaned up after the frac, will be monitored for a month as a more prolonged period of time is needed to develop a more precise forward looking view as to the likely post frac behaviour of the formation operation and decline rates,' President Energy said.

'It is nevertheless a most positive outcome so far for President's first frac with potentially a materially positive read across to other similar wells drilled and to be drilled.'



Story provided by StockMarketWire.com