President Energy seeing good progress in Rio Negro
Molecular Energies
7.00p
16:49 26/04/24
Upstream oil and gas company President Energy updated the market on its New Puesto Prado and Las Bases concessions in Argentina’s Rio Negro province on Thursday, where it was the operator with a 90% holding to partner EDHIPSA’s 10%.
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The AIM-traded firm said the Puesto Prado and Las Bases concessions had been formally signed over to President in a ceremony attended by the Governor of Rio Negro, the secretary of Energy of the Province, and its partner, the provincial oil company EDHIPSA
First oil was now being produced from the reactivation of the first two wells in Puesto Prado.
Estancia Vieja gas had been successfully flowed to Puesto Prado, the board added, and would be powering that field by the end of January.
“Whilst work in earnest in Puesto Prado and Las Bases will commence during the course of 2019 when we have a greater understanding of sub-surface potential, we are not losing time to generate revenue from both those areas and the gas in our Estancia Vieja field,” said chairman and group chief executive officer Peter Levine.
“The pipeline and these new concessions will enable us to pivot towards gas production, providing a greater diversity and balance to our hydrocarbon production whilst still driving increasing oil deliveries.
“Importantly, the extent of our enlarged Concessions in Rio Negro Province gives us a platform for growth and valuable critical mass in the important Neuquen Basin.”