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President Energy provides

EVN-x1 drilling update

AIM-listed President Energy has provided an
update in relation to the drilling of the explora-
tion well EVN-x1 near the Estancia Vieja field,
Rio Negro Province, Argentina.
Key points: Well successfully drilled to target
depth of 2,000 metres and 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
results so far support pre-drill P50 projections,
subject to testing in due course; drilling rig is
demobilising and the well will be completed and
tested before the end of the year by the workover
rig.
Drilling Programme: The exploration well
EVN-x1 has been successfully drilled to its target
depth of 2,000 metres and cased on time and on within the next two months once the workover has now been completed by the workover rig and
budget. Before casing, a full suite of electric logs rig finishes other pre-planned work in our fields. testing has been concluded.
were run as well as pressure testing to supple- In the meantime, as previously announced, we The first interval tested was a thin interval of 2
ment the mud logs obtained during the drilling are looking to materially increase our gas pro- metres at the bottom of the well. This flowed gas
process. duction around the end November bringing on successfully at ranges between 50,000-100,000
The electric logs confirmed the evidence line two/three new contributors, also putting cubic metres per day. However, as this was only
shown by mud logs of net pay of a total of 10 back on line certain oil wells in Rio Negro which a thin interval and would deplete in a relatively
metres of clear live moveable hydrocarbon pay have been out of commission for several months short time, it was considered that the next zone
in two clean sand intervals both with good pres- requiring repair.” above of some 8 metres offered a better oppor-
sure, permeability and porosity (latter in excess President Energy, October 27 2020 tunity for longer stable flow. Accordingly, the
of 20%). Of this some 7 metres is considered oil lowest interval was plugged and testing moved
and the balance gas. President Energy provides to the next section up the hole.
These results provide support for the pre- This interval has now been likewise suc-
drill projections of production of 60,000 cubic LB-1001 drilling update cessfully tested and demonstrated that on pro-
metres per day (353 boepd) of gas and 188 bpd, duction it would flow initially at 100,000 cubic
which can only be verified on testing due to the AIM-listed President Energy has provided metres per day (588 boepd) with good pressure.
fact that this is a previously undrilled structure an update in relation to the newly drilled well Accordingly, the rig has now moved off site to the
with no direct analogue as to production perfor- LB-1001, Las Bases field, Rio Negro, Argentina. next well to be worked over.
mance. Accordingly, until successful testing, it is Key points: Net gas pay re-calculated at LB-1001 will be readied to be placed in pro-
too early to come to any conclusions as to actual an increased 70 metres over several intervals; duction by the end of November to coincide
producibility and size of the respective reservoirs well has been completed by workover rig and with the coming on line of some 75,000 cubic
for gas and oil. Testing will be made of each indi- tested; testing successful, validating pre-drill metres per day (440 boepd) new gas production
vidual interval which will not be co-mingled. estimates of 100,000 cubic metres per day (588 from the Estancia Vieja field recently finished
The drilling rig is now beginning to demobi- boepd) initial gas production; results identified workovers.
lise back to its base and the workover rig will be good potential for new workover for the shut The intervals higher up the well will be tar-
brought in to complete and test the well. This is in well, LB-1 now to be performed before year geted in the future as and when this current zone
expected to be before the end of the year, as the end, and a new follow on well to be considered is depleted. However, the results of the log anal-
rig is committed to work in President’s Puesto for drilling next year; rig now has moved off to ysis of this well have now identified the potential
Flores field to repair two producing wells and next workover and well will be tied in and placed for a workover and perforation of intervals in
then to go to the Las Bases field to perform one on production by end-November; this will also the shut in well LB-1 in the same field to initiate
or two workovers on shut in wells generated by coincide with the bringing into production of an new, previously untapped gas production. This
the success of the Las Bases 1001 well drilled last estimated further 75,000 cubic metres per day workover is now scheduled for before the end of
month. (440 boepd) from the workovers of wells in the the year.
Peter Levine, Chairman commented: “It is Estancia Vieja field. As well as the workover, the results have
always good to see clear evidence of moveable Commentary: After independent expert opened up the potential for a further new devel-
live gas and oil in an exploration well being analysis of the suite of electric logs run in open opment well to be drilled at the Las Bases field.
drilled in a new structure. However, it is pre- hole before the newly drilled LB-1001 well was This will be considered for next year. Thus, by
cisely because of that and the lack of analogue cased, it is now estimated that net gas pay of the end-November, from the above wells, President
evidence that one must prudently reserve judge- well spread over several intervals has increased expects 175,000 cubic metres per day (1,028
ment and be cautious until the well is tested by 32% to 70 metres from 54 metres. The well boepd) of new gas production come on stream.

P18 www. NEWSBASE .com Week 43 29•October•2020