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President Energy announces

drilling and workover update

AIM-listed President Energy, the energy com-
pany with a diverse portfolio of production and
exploration assets, has announced a drilling and
workover update on various of its assets.
Puesto Guardian Concession, Salta Province,
Argentina: The Company has signed a drilling 453.6 metres and is currently being cemented in Refinery have proven PetroTal’s ability to man-
services contract for three firm wells to be drilled place. Drilling of the 12-1/4”x14” hole section age ONP disruptions.
at the Puesto Guardian Concession before the will commence over the coming days after the Manuel Pablo Zuniga-Pflucker, President
end of this year. The contract also includes an blow out preventer stack has been installed and and CEO, commented: “The initial flow rates
option to retain the rig into the New Year for a successfully pressure tested. from well 8H are very exciting and echo the pro-
further two wells after drilling of the third firm Melbana Energy’s Executive Chairman, file of the prolific 5H horizontal well. Similarly,
well. This will enable continued drilling in the Andrew Purcell, commented: “It has been a good the clean sands of the 8H well reflect what we
Concession, should the results from the ongo- first week with the rig and the team advancing have observed in the recently drilled 7D well
ing seismic reprocessing confirm two additional the programme at a steady pace and safely. We and the cores obtained in the 3WD water dis-
prospects that have been previously identified. have not had any significant interruptions or posal well. It is also rewarding that we have now
The first three wells will be drilled in the Dos delays to date. achieved a new record field production level
Puntitas field and the two contingent wells for “We can also confirm that the remaining of 15,400 bpd. The flush production seen from
2022 in the Pozo Escondido field. members of Melbana’s project team are now 8H is being monetised into some of the highest
Each well is estimated to cost $3.5mn and in country and out of quarantine, so it is great Brent oil price markets we have seen all year, pro-
have a drilling time of 45 days with a mean suc- to have this additional expertise and capability viding a significant cash flow impact. Over the
cess case initial projected oil production of 40 available as this drill programme ramps up. We next few weeks, we expect to commence drilling
cubic metres per day (250 bpd). will continue to provide regular operational the next horizontal well (BN-9H) in our 2021
Site clearance for the first well has begun updates as the programme unfolds.” campaign. On behalf of PetroTal, I would like to
with the rig due to be mobilised during the first Melbana Energy, September 21 2021 take this opportunity to thank Prime Minister
days of October. Drilling of the first well is now Guido Bellido and the Minister of Energy and
expected to commence by the end of the third PetroTal completes Mines, Ivan Merino Aguirre, for responding to
week in October with drilling of all three wells the ONP communities’ concerns with in-person
expected to be completed by the end of the year 8H horizontal well negotiations to resolve the matter quickly and
with the final well in that sequence expected to peacefully that allowed us to achieve this new
be on stream in the first part of January 2022. PetroTal commenced production of its fourth record production.”
Peter Levine, Chairman, commented: “We horizontal well BN-8H (8H) on September 4, PetroTal, September 15 2021
look forward to the drilling campaign in Salta. 2021, with unrestricted flow rates of approxi-
With current prices there comparable to Rio mately 7,600 barrels per day (bpd) of oil over a
Negro and fixed opex already covered by exist- 10-day period. Selected highlights are as follows. LNG
ing production, the incremental production will Initial 8H production rates of 7,500-8,000
make a good contribution to Group.” bpd; and Total current field production is now Petrobras calls tender
President Energy, September 22 2021 approximately 15,400 bpd, a record production
level for PetroTal. for access to Pecém LNG
Melbana Energy announces well cost came in 3% under budget, at $11.8mn; regasification terminal
Completion of well 8H below budget. The 8H
Alameda-1 drilling update 8H estimated payout of 8-10 weeks production Petrobras informs that it published today the call
based on current Brent oil strip, assuming unre-
Melbana Energy reports that the Alameda-1 stricted rates; Well 8H targeted oil sand inter- for the exceptional access process to the Pecém
exploration well has made good progress to sected 4 meters higher than prognosed; and The LNG regasification terminal, in the State of
date after spudding at 09:00 hrs (Cuba time) horizontal section of the 8H well was completed Ceará (TR-PECEM) and its associated facilities.
on September 13. The well has reached its first with autonomous inflow control device tech- This process aims to comply with the deter-
planned casing point at a depth of 457 metres, nology (AICD), which will better control water mination of the Chamber of Exceptional Rules
after drilling without incident or significant dis- influx. for Hydropower Management (CREG), in
ruptions through the shallow section. Consistent North Peruvian Pipeline (ONP) Update: accordance with Letter No. 14/2021/CREG-
with offset wells, minor residual oil shows were PetroTal was able to achieve record field produc- MME of 08/09/2021, that Petrobras allows
observed in cuttings through the interval within tion rates at Bretaña due to the ONP being oper- immediate and simplified access to TR-PECEM
interbedded limestones and sandstones. The ational again, allowing the Company to unload to the agent that proves expertise and initiates
shallowest of the three prospective intervals in the approximately 140,000 barrels of oil stored the operation in less time, with this requirement
Alameda-1 is anticipated at approx. 800 metres in barges at Pump Station No. 1. The ability to being verified through proof of availability of
measured depth. store oil in barges combined with back-to-back FSRU (regasification vessel) for berthing at the
13-3/8” casing has been successfully run to exports to Brazil and deliveries at the Iquitos terminal.

Week 38 23•September•2021 www. NEWSBASE .com P13