President Petroleum provided an update on its operations.
Kafoury 3, East Lake Verret Field ("ELV"), Louisiana, USA
The Kafoury 3 well has been sidetracked to a measured depth of just under 14,000 feet, where geological analysis confirmed that all targets had been drilled. As previously reported, drilling of Kafoury 3 has been extremely challenging and the well continued to encounter high pressures, which significantly increased the duration and doubled the cost of drilling, and frequent high levels of background gas, which encouraged President to continue with the well. A 200 feet section of the well was perforated and tested over the past 48 hours to determine whether there was any potential for commercial gas flow. While gas flows were measured, the test was inconclusive and after further consideration President has decided to plug and abandon the well.
Northumberland 2, PEL 82, South Australia
Drilling of the Northumberland 2 well is underway, on schedule and on budget. Progress through the initial limestone layer was good and casing is currently being set at 350 meters prior to drilling ahead. The target measured depth for the well is 3,200 meters. The reservoir targets for Northumberland 2 are independently estimated to contain total prospective resources of 40 million barrels of oil or 55 billion cubic feet of gas, which represents a very high impact opportunity. President owns the license to 100% of PEL 82, which has total prospective resources assessed as over 400 million barrels.
LA Furs 22 Sidetrack, East White Lake Field ("EWL"), Louisiana, USA
Peak Energy has drilled the LA Furs 22 sidetrack to a depth of 6,683 feet, just short of target. At that point repairs to the casing were required and the rig has been temporarily taken off location while these are completed. The rig is expected to return later this month to complete the well. Further evaluation of this prospect has confirmed a larger than expected oil target of nearly 200,000 barrels (President net revenue interest 21.1%) and if successful, the well will be immediately brought into production.
Stephen Gutteridge, Chairman commented, "We took the Kafoury 3 well as far as we deemed commercially viable and while the decision to plug and abandon the well is clearly disappointing, we have now spudded the exciting high impact Northumberland 2 well in South Australia and have made further progress towards increasing production with the LA Furs 22 Sidetrack in Louisiana. We look forward to updating the market on these results in due course."
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