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President Energy reports

positive results from
secondary recovery pilot

project at Puesto Flores

AIM-listed President Energy has provided an
operational update with regard to certain activi-
ties in the Rio Negro Province, Argentina
Secondary recovery pilot programme: On
August 26, 2020, the Company announced that
it was to commence a pilot Water flooding pro-
ject in the Puesto Flores field and that it would
take time to evaluate such work.
President is pleased to say that the pilot pro-
ject is showing concrete signs of success, which
if promulgated to other parts of the mature
Puesto Flores field would not only in the short
to medium term increase production and but
would also extend out decline curves, thereby
prolonging field life and ultimately have a bene- from PFO-10. wireline logs (validate behind casing oil and
ficial effect on the extent of recoverable reserves. Whilst taken in isolation, an amount of just gas layers), open new hydrocarbon layers and
Water flooding is a recognised form of oil less than 100 bpd does not resonate loudly in test each of them independently to verify fluids
recovery wherein energy to sweep or move the context of President’s overall field produc- quantities and flowing plus shut-in pressures.
either residual oil or greater oil from the reser- tion, this is value added production at little or Then, a new completion string will be installed
voir rock is supplied from the surface by way no extra cost which could account in respect of to leave the well in production.
of water injection with the induced pressure of these two wells alone for an additional sales rev- Based on the latest analysis, Interoil is
additional water. Widely used in Argentina, it enue in excess of $1.5mn a year at current prices expecting MMO-15 to flow oil and gas where, as
has never been tried in the Puesto Flores field. with little incremental opex. described in several recent announcements from
Water flooding if successful, enables greater Much more significantly, the results to date the company, the produced gas will be used to
levels of oil in mature fields to be produced that suggest that a wider long-term application of fuel MMO surface production equipment to be
otherwise would be left in the ground. By so Water flooding may be successful in other areas able to treat oil volumes to be sold under com-
doing, not only does it produce more of the 2P within the Puesto Flores field and it is this that mercial specs.
(proven and probable) oil reserves but mitigates potentially could have a material impact on Leandro Carbone, CEO, commented: “We
the inevitable effect of natural decline in produc- incremental production, the extension of decline are confident production from MMO-15 would
tion from existing wells by softening the decline curves, estimated ultimate recovery factors, in boost MMO field production and capitalised
curve. due course reserves and importantly field life. value for the benefits of the company.”
The pilot project was initiated in one fault The pilot programme will continue and con- Interoil, May 10 2021
block within the Puesto Flores field using well sideration will shortly be given as to the possi-
PFO-26 to inject produced water that other- bilities and practicalities of rolling it out on an President Energy
wise would have been disposed of in a dedi- extended basis with other old non-producing
cated disposal well. The objective of the project wells being utilised as injectors. announces Rio Negro
was to identify whether there was any pressure President Energy, May 12 2021
response from wells in the same structure. drilling update
President has now identified a potentially sig- Interoil announces
nificant positive incremental response from two AIM-listed President Energy has provided an
wells. The first from PFO-14 lying 700 metres operational update for operational update with regard to certain activ-
away from PFO-26 and the other from PFO-10 ities in the Rio Negro Province, Argentina and
which only 386 metres away. MMO field in Argentina an update as to the evolution of oil and gas prices
After having considered and discounted in that country.
other potential reasons for the production Interoil has announced that Velitec’s Work Over EV-1002: This new gas well at the Estancia
increases from these two wells, the Company rig has been mobilised, fully rigged-up, certified Vieja field has been successfully drilled, logged
after careful analysis considers that they are a and has started operation in the MMO-15 well and cased on time and budget. The electric logs,
direct result of the Water flooding. The results in the Mata Magallanes Oeste (MMO) field in reflecting the muds logs while drilling, show
at this stage show an aggregate increase from Argentina. approximately 14 metres of net pay in the Vaca
these two wells of approximately 15 cubic metres The work-over programme in this well is Muerta and Catriel formations subject to petro-
per day of oil (circa 95 bpd) representing a 50% forecast to last 19 days which includes retrieving physical analysis with good porosity of some
increase in oil production from PFO-14 and 25% existing production string, run through casing 25%.

P14 www. NEWSBASE .com Week 19 13•May•2021