President in lucky Louisiana strike

Louisiana jackpot: President flags up higher-than-expected potential oil reserves but slumps to large loss

By Eoin O'Cinneide

 29 September 2011 07:46 GMT

President Petroleum looks set for a larger-than-expected pay day from a well in the US after striking significantly more oil reserves than were thought to be in place.



The UK independent is, however, being forced to drill a twin well near the A49 well on its East White Lake play in Louisiana after hitting integrity issues at the well’s casing.

London-listed President drilled the well, which has been drilled before, to a total depth of 10,170 feet, a statement read on Thursday.

The company was targeting 35 feet of pay but struck 37 feet of pay at 9490 feet.

Drilling continued and the company believes it may have unearthed a further 60 feet of pay while an additional 20 feet…

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