Page 18 - LatAmOil Week 03 2021

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President Energy

announces drilling
update for H1-2021

in Argentina

AIM-listed President Energy, the energy com-
pany with a diverse portfolio of production and
exploration assets focused primarily in South
America, has provided a group update.
Rio Negro: President has a firm programme
to drill four new slim hole gas wells in the Las
Bases and Estancia Vieja Concessions in Rio
Negro Province commencing during March.
The wells are projected to be completed and on
production in time for the commencement of
the winter gas prices that start in May. Spot gas
sale prices then are projected to rise to in excess
of $3/mmBtu compared to the present spot price wells is estimated at 45-50 cubic metres per day the same for the full year 2021
of around $2.3/mmBtu. (300 boepd) with a drilling time of 35 days per Peter Levine, Chairman, commented: “In the
Three of these wells will target the Centenario well. It is anticipated that a further announce- face of a continued challenging environment, we
formation in the Las Bases Concession and are ment will be made at or around the end of April remain optimistic and look forward to a more
expected to cost circa $1.3mn each, with a drill- 2021, once a final decision has been made and successful and certainly busier 2021 than the
ing time of approximately 14 days per well. This the Company has more precise details available fractured previous year in which we still made
price includes a mini hydraulic stimulation sub- as to costs and time scheduling. progress. By getting our ducks in a row on opera-
ject to results of logging. Consideration is also being given to comple- tions at this early stage, whilst maintaining focus
The Centenario is the same formation as ment the contemplated drilling by acquiring 3D on the bottom line, we are putting things in place
addressed by the recent successful workover of seismic data over the formerly producing Can- to give us every reasonable chance to achieve an
the formerly producing Las Bases well LBx-1 ada Grande and currently producing Puesto ever further improved year ahead.”
which is currently free flowing 33,000 cubic Guardian fields later this year as well as some President Energy, January 20 2021
metres per day (194 boepd) without having been additional 2D data in the Ocultar exploration
hydraulically stimulated. Success case initial pro- block. The seismic grid has already been deter- Predator announces the
duction rates per well are 40,000 cubic metres mined. The next step is to commence a tender
per day (235 boepd). process for contractors and complete financial results of pilot CO2 EOR
The other well will be in the Estancia Vieja modelling for review.
field and will twin the well EVx-1. This well may Canada Grande was a prolific producing field project in Inniss-Trinity field
be drilled first in the sequence, depending upon in the history of the Concession with the more
logistics. successful wells demonstrating initial flow rates onshore Trinidad
EVx-1 was producing 50,000 cubic metres of 1,000 bpd. All wells in this field were drilled
per day (294 boepd) after a workover at the end solely relying on 2D seismic. It is considered that Predator Oil & Gas Holdings, the Jersey-based
of last year but suffered a casing collapse at the acquiring modern 3D seismic data will assist in Oil and Gas Company with operations in Trin-
start of this year. Such collapse is an occupational identifying undrained areas within the field as idad, Morocco and Ireland, has announced
risk when working over and producing from well as defining and stepping out from its bound- the results of its Pilot CO2 EOR Project in the
older wells. Accordingly, the twin is intended to aries. Similarly, acquiring 3D seismic over the Inniss-Trinity field onshore Trinidad.
both recover and enhance this production level Puesto Guardian field where initial production The Pilot CO2 EOR programme is designed
with a targeted initial production of 60,000 cubic rates were 600 bpd is considered a prudent and to demonstrate safe injection of anthropogenic
metres per day (353 boepd) and prolong the life potentially rewarding action. Any follow on CO2; to allow for sufficient lag time post-injec-
of gas recovery of the reservoir. The cost of such drilling in Salta arising from the results of this tion for reservoir pressure to stabilise; to collect
well is estimated to be $1.5mn with an estimated seismic acquisition will likely be in 2022. oil viscosity data; and to use the results to evalu-
drilling time of 21 days. Funding: The costs of all the firm committed ate and calibrate the pre-injection desk-top pro-
Puesto Guardian: The Company, in discus- work programme referred to above will be met duction forecast and the CO2 EOR commercial
sions with the Salta Province, is currently con- out of the Group’s own and future resources and model.
sidering drilling two or three vertical oil wells capabilities. Pilot CO2 EOR is focused on a single res-
in the currently producing Dos Puntitas field Before the end of February the Company ervoir sand of the five producing Herrera res-
within Puesto Guardian in H2-2021. In order to expects to announce an updated Group reserves ervoirs in the Inniss-Trinity Field, the Herrera
save time, locations have been identified inter- report as at December 31, 2020, and separately #2 Sand, and a part of the field, the AT-4 Block,
nally and applications to drill in progress. to provide the market with a review of key per- representing approximately 10% of the total area
Projected initial production for each of these formance parameters of 2020 and guidance as to potentially available for CO2 EOR injection.

P18 www. NEWSBASE .com Week 03 21•January•2021