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President Energy output up as compression infrastructure added in Argentina
StockMarketWire.com
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Argentina-focused oil company President Energy said its production levels had risen following completion of compressor infrastructure at the Las Bases field.
Aggregate group net production had now reached 4,000 barrels of oil equivalent per day, with virtually an even split between oil and gas, the company said.
'This is a current daily production rate and demonstrates the level that President, on present evidence, considers the wells can deliver,' it added.
'As such this rate varies day by day as wells go on and off-line. The average rate over time is a more valuable representation of the production and these figure will be published at appropriate times.'
'Nevertheless the general increase in production, with no material increase in opex, will have a beneficial effect on the costs per barrel and the bottom line of the company taking into account the base opex cost in the fields has already been largely covered by core production.'
President Energy said the compressor enabled more gas to be delivered from the company's Estancia Vieja gas wells.
'Accordingly, this is the first time four wells in this field have been able to produce together and are now flowing gas to market through President's pipeline infrastructure,' it said.
'The company has identified potential to drill further wells in that field.'
'At the same time, the newly drilled LB-1001 (gas) well has been placed on production, with aggregate production from this well is currently ahead of expectation.'
'The recently tested well LB-1, as yet not on stream, will be connected and placed into production before year end.'
At 9:10am: (LON:PPC) President Energy Plc share price was 0p at 1.63p
Story provided by StockMarketWire.com
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