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President Energy issues

update for Rio Negro drilling
programme in 2021

AIM-listed President Energy, the energy com-
pany with a diverse portfolio of production and
exploration assets focused primarily in South
America, has provided an update on its drilling
programme in Rio Negro Province, Argentina.
Highlights: Drilling rig contracted with site
preparations in progress. On schedule to com-
mence first well by end of March. Re-alignment
of drilling order to maximise production and
decision-making efficacy. First well to be drilled
will be LB-1002 in the Las Bases Concession, Rio
Negro.
President has announced that it has the drill-
ing rig under contract with Quintana Well Pro
for its new wells to be drilled in Rio Negro prov-
ince. Well site preparations have commenced
and the Company expects to commence drilling
on schedule by the end of March 2021.
Planning has evolved since the H1-2021
Drilling Update made on January 20, 2021. All
of the wells are of the slim hole type and located
near existing facilities so that they can be placed is to make our average production more robust, Energy brings a financially stronger operator to
on production with no material delay or cost. increase our well stock to greater insulate us the project. This, combined with the proposed
The first well to be drilled will be LB-1002 against the inevitable well down times, benefit entry of Navitas Petroleum to Sea Lion, creates
in the Las Bases field, as previously announced. from economies of scale using our own pipeline a solid operational and financial foundation giv-
It is a gas well targeting the Centenario forma- infrastructure and get these gas wells drilled on ing the project the strongest possible chance of
tion with a target depth of 1,300 metres, time budget and in time for the more favourable win- progressing.”
to drill is estimated at 10 days and a projected ter price environment.” Rockhopper Exploration, March 05 2021
cost of $1.4mn. As indicated in the previous President Energy, March 09 2021
announcement, President projects 40,000 cubic
metres per day (circa 230 boepd) initial produc- Rockhopper extends SERVICES
tion. The original projected depth of the well
has been extended to take in further deeper petroleum licences for Fugro conducts seep survey
potential pay zones in the formation shown in
the seismic data. Extensive logs will be taken to North Falkland basin assets and geochemical campaign
improve understanding of the formation and its
producibility. Rockhopper Exploration, the oil and gas explo- for Petronas Suriname
The second and third gas wells will now be ration and production company with key inter-
at the Estancia Vieja field. These are twins of ests in the North Falkland Basin, has announced, Fugro is conducting a seep survey and geochem-
old wells that have suffered casing collapses, following discussions between the joint venture ical campaign in Block 48, offshore Suriname,
but prior to which showed proven gas produc- partners, Harbour Energy and the Falkland for Petronas Suriname E&P (PSEPBV). PSEPBV
tion. The wells EV-1001 twinning the old well Islands Government (FIG), that FIG has agreed is a subsidiary of Petronas, a global energy and
EV x-1 (which produced in December until the to extend each of the Company’s North Falkland solutions partner ranked amongst the largest
collapse) and EV-1002 twinning the old well Basin Petroleum Licences, including the Sea corporations in the Fortune Global 500.
EV-4 have each a target depth of 1,850 metres, Lion Discovery Area, until November 1, 2022, The work for PSEBV is being conducted from
an estimated drilling time of 12 days and a cost with no additional licence commitments. the survey vessel MV Fugro Brasilis and involves
of $1.6mn. The Licences were previously due to expire geophysical data collection, heat flow measure-
The Company projects initial production on May 1, 2021. ments, core sampling and onboard geochemical
from each of these wells at 60,000 cubic metres Samuel Moody, ceo, commented: “The Com- analyses, which aim to optimise future explora-
per day (circa 350 boepd). pany is grateful to the Falkland Islands Govern- tion activities in this frontier area.
Peter Levine, Chairman, commented: “Pres- ment for the extension of its North Falkland The fieldwork for the campaign will run
ident continues on its stated work trajectory Basin licence interests and continued support through the first quarter of 2021, with subse-
with a prudent level of optimism supported by of the Sea Lion project. The proposed merger quent geochemical analyses and final reports
robust pricing for our gas offerings. The mission of Premier Oil and Chrysaor to create Harbour delivered in May 2021.

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