President Energy finished its first workover in Rio Negro province, Argentina. Well, EV-x1 in Estancia Vieja field, about 250 m from existing facilities, is expected to be on stream by the end of September at nominal cost, subject to test results.
Workover comprised plugging of the lower previously oil producing section and perforating of Vaca Muerta and Catriel formations. As the formations had never been placed on production in the well, only negligible reserves are included in the company’s independent audited reserves.
Under test with the workover rig, the well flowed gas at about 6.3 MMscfd (137,000 cu m/d) or 1,050 boe/d, with no water, on a 12-mm choke with 1,300 psi downhole pressure. Preliminary results both as to flow and pressure are materially above the company's P10 scenario.
The well has been shut in, the rig will be moved off, and a 5-day test period, including pressure build up tests, will begin to determine well productivity over time and extent of the potential gas pool.
The workover was completed on time cost has come in at about $250,000, 10% below budget excluding contingencies.
President has 90% interest in Estancia Vieja with partner Edhipsa (10%).