London-listed President Energy hits the accelerator on its work programme at its Puesto Flores/Estancia Vieja concession in Argentina following the successful results of its campaign so far.

President said on Monday that it will be conducting a six to eight well workover programme at its Puesto Flores field in Rio Negro province starting in May.

According to the company, the workovers will include both necessary remedial work to three wells and the workover of other wells.

These workovers are expected to increase production from the field whilst mitigating natural decline rates, President said in a statement.

The Argentina-focused company has also commenced the planning of an accelerated three development well drilling campaign also at the Puesto Flores field, targeting proved undeveloped reserves in existing producing reservoirs.

The project is an enhancement to the single well previously planned for this year, with each well to be drilled to approximately 2750 metres.

Work is expected to start in the third quarter, and completed during that quarter or shortly thereafter.

In addition, following on from the short-term gas well tests at Estancia Vieja field, longer-term tests are now being planned for three to four gas wells and these are projected to commence in June.

The results of these tests will assist President in determining the best way to monetise its gas as well and the extent of its gas reserves in that field, the company said.

“The major workover programme follows the success of the four well workover programme conducted in the fourth quarter of 2017, the results of which were substantially ahead of management’s expectations and increased both production from new perforated zones and reserves,” President said.

“Encouraged by the success so far, and taking advantage of current oil prices and cash flow, we are moving forward with an advanced programme, substantially ahead both of our original plans and our commitments to the Rio Negro province,” chief executive Peter Levine said.

“In the meantime, work progresses on our listing in Argentina where we are projecting to join the market sometime in late July 2018,” Levine added.