President Energy said that its drilling program at the Puesto Flores/Estancia Vieja Concession in Rio Negro Province, Argentina has yielded positive results.
- PFO 1001, the first newly drilled well now tied in and flowing from the Punta Rosada primary target formation at 600 bopd
- The secondary Pre Cuyo target, 200 metres lower down in the well which flowed at 240 bopd, has been temporarily isolated and kept in reserve to produce at a later date
- PFE 1001, the second new well, has been successfully cased showing total net oil pay of 43 metres in aggregate over both primary and secondary targets
- Testing of the second well to commence next week
- The drilling rig will be moved next week to drill the third and final well in this year’s program, PFO-1005
New well PFO 1001
PFO 1001, the vertical well is now tied in and producing to the battery at the rate of 600 bopd from the primary target, the Punta Rosada formation with zero water cut, having been choked back from an initial equivalent peak flow rate of over 1,000 bopd for prudent reservoir management.
The oil quality is commensurate with that of oil produced from other wells in the Puesto Flores field.
The secondary target Pre Cuyo interval, 200 metres deeper which flowed at 240 bopd has been temporarily isolated and is being kept in reserve to be brought on production at a later date.
Taking into account the prolific production from the Punta Rosada, as indicated previously, production from the two formations will not be co-mingled.
This directional well having been successfully drilled on plan, time and budget to the target depth of 2,550 metres has now been electronically logged and cased.
The logs show 17 metres of net pay in the Punta Rosada primary target and 26 metres of net pay in the Pre Cuyo formation with good porosities of between 15% and 25%.
The well has been cased and cemented, and the drilling rig is now being prepared to move to the third and final location in this year’s drilling campaign, PFO 1005. The workover rig will be moved onto the well in the next week to test and complete the well and put it on production.
At the present time President maintains its guidance as to approximately 200 bopd targeted production from the second and third wells in the programme.
President Energy chairman and chief executive Peter Levine said: “President’s progress continues with the results from the first well speaking far more eloquently than any words that can be written.
“Every well is different and accordingly it is important to manage expectations and retain our original targets for the second and third wells in the series.”
Source: Company Press Release