- Argentina-focused oil company President Energy said early signs indicated an exploration well in Rio Negro province had encountered oil and gas.

The EVN-x1 well had been drilled to its target depth of 2,000 metres and been cased on time and budget

'Both full suite electric logs and mud logs show clear moveable live gas and oil pay with good pressure, porosity and permeability,' the company said.

The electric logs confirmed the evidence shown by mud logs of net pay of a total of 10 metres of clear live moveable hydrocarbon pay in two clean sand intervals.

The results so far had supported resource projections, subject to testing in due course.

The well would be completed and tested before the end of the year by a workover rig.

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