StockMarketWire.com - Oil company President Energy said testing of a new well in Argentina confirmed its expected net pay and production potential.
The EV-1001 well in Rio Negro had been drilled, logged and cased on time and budget.
Electric and mud logs together with a petrophysical review identified a net gas pay as expected, supporting a pre-drill projection of initial production of 60,000 cubic metres per day.
The rig was now moving off location to the next well, EV-1002, also at the Estancia Vieja field.
The move was expected to take up to four days with spudding currently projected within around seven days.
At 9:42am: [LON:PPC] President Energy Plc share price was 0p at 1.63p
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