StockMarketWire.com - Oil company President Energy said two wells in Louisiana remained offline due to technical problems.

The Triche and Simmons 2 wells in Louisiana were out of action while awaiting a workover of the Triche well to reinstate production.

The Triche well had not performed optimally all year due to the progressive breakdown of a downhole gravel pack in the well used to constrain sand production, President Energy said.

'The frustrating delay in fixing the problem has been materially exacerbated by the effects of Hurricane Ida which devastated the locality, it added.

A rig was now available, but the company was awaiting barge availability.

'It is hoped that the workover will be completed by the end of October and the wells will work at the levels enjoyed last year namely at 300 boepd net to President half being oil,' President Energy said.

In addition, the company said it had signed a drilling services contract for three firm wells to be drilled at the Puesto Guardian concession in Argentina before the end of this year.

The contract also included an option to retain the rig into the new year for a further two wells after drilling of the third firm well.

'This will enable continued drilling in the concession, should the results from the ongoing seismic reprocessing confirm two additional prospects that have been previously identified,' the company said.

The first three wells would be drilled in the Dos Puntitas field and the two contingent wells for 2022 in the Pozo Escondido field.

Each well was estimated to cost $3.5 million and have a drilling time of 45 days with a mean success case initial projected oil production of 40 cubic metres per day.

Site clearance for the first well had begun with the rig due to be mobilised during the first days of October.




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