Fracking Commences at President Energy's Argentina Concessions

President Energy PLC announced that fracking operations have commenced at its Puesto Guardian concession in Argentina.

The work-over rig is now in location having previously been delayed due to bad weather and upgrading. Work-over operations have started on a first phase three well program as a necessary prelude to fracking equipment arriving on site. Work-over and fracking will operate in tandem with the first results now expected in early June.

The three wells subject to the first phase are in order of operation: Wells PE7 and PE8 at the Pozo Escondido Field and Well DP1001 at the Dos Puntitas Field.

Wells PE7 and PE8 have both been shut in for some 20 years and previously successfully produced from the A6 sands whilst showing unrecovered oil from the Carbonates above. Both show original pressure and are not near water. While the forthcoming fracking operations will be centered on the unproduced oil in the Carbonates it can also be expected to propagate into the previous prolific A6 sands. 

DP1001 is a relatively new well producing circa 80bopd free flow from both the A6 sands and the higher Carbonate interval. The frac will target primarily this Carbonate interval of some 82 feet (25 meters).

The commencement of the fracking campaign follows the previously announced results from the 3D seismic survey recently carried out. Following this survey management estimated that at Pozo Escondido, an increase in stock tank oil initially in place (STOIIP) of 215 percent from 20 to 63 million barrels. At the Dos Puntitas field, the reprocessing has validated the existing STOIIP of 15 million barrels and six undrilled highs have been identified.


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