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President Energy inks rig deal for Argentina well workovers

The Argentina-focused oiler has hired a rig for its 2017 programme which aims to take production to 1,200 bopd by the end of summer.
oil wells
Operations are due to start in February

Argentina and South America -focused President Energy PLC (LON:PPC) has told investors it has now signed a contract for a workover rig that will be used in an upcoming multi-well programme.

The rig is due to be on site at the group’s Puesto Guardian project in the Salta province for twelve months, and as such President Energy anticipates significant flexibility for its rolling work programme.

It is expected that the rig will be mobilised during the next four weeks, and the programme will begin in February.

First the group intends to work over two producing wells, which are currently under maintenance, and it also plans to create a new water injector in an abandoned well.

In March, the group expects to be working over shut-in wells, with at least three slated for new fracking operations.

By the end of summer President Energy aims to be producing at a rate of 1,200 barrels of oil per day from Argentina.

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