President Energy reported Wednesday that it has completed the reprocessing and interpretation of 3D seismic data on the Pozo Escondido and Dos Puntitas fields, part of the Puesto Guardian Concession in Argentina. The firm said that "significant undrilled highs" have been shown within the proven fields.
Consqeuently, President said that its management team estimates an increase in stock tank oil initially in place (STOIIP) of 215 percent at Pozo Escondido, from 20 million barrels to 63 million barrels. At the Dos Puntitas field, the reprocessing has validated the existing STOIIP of 15 million barrels, with six undrilled highs being identified.
Meanwhile, President also reported that the operator of its work-over rig is now performing maintenance, and that this maintenance work has been delayed due to seasonably late and heavy rain in the area. The firm said that the rig will be mobilized shortly to prepare for the initial fraccing campaign, with two wells planned for Pozo Escondido and one well planned at Dos Puntitas.
Halliburton will perform the fraccing, which is expected to begin in April.
President Chairman Peter Levine commented in a statement:
"We are very encouraged with results of the reprocessing and interpretation of the 3D data on two of our fields in the Puesto Guardian Concession. Once we have the results from the fracs, we can incorporate this critical data to determine the next steps at Puesto Guardian and a longer term field development plan."
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