- Argentina-focused oil company President Energy said a new gas well at the at the Estancia Vieja field in Rio Negro province had been drilled, logged and cased on time and budget.

The electric logs for the EV-1002 well, reflecting muds logs while drilling, showed about 14 metres of net pay in the Vaca Muerta and Catriel formations subject to petro-physical analysis with good porosity of some 25%.

President Energy also said that new gas well LB-1001 was placed on production, while EV-1001 was completed and being tested with results projected after clean up to be in line with expectations.

In addition, the company said average oil prices realised by the company for the first five month of 2021 were running 35% higher than average for the full year 2020.

The average gas prices realised by President for the first five months of 2021 were running 40% higher than for the same period in 2020.

At 9:33am: [LON:PPC] President Energy Plc share price was 0p at 1.63p

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