President Energy expects well LB-1001 in the Las Bases Concession, Rio Negro, Argentina, to be on production by the end of November, subject to successful testing, following net gas pay in line with pre-drill expectations and in line with the offset former LB-x1 producing well (OGJ Online, July 13, 2020).
The development well was drilled to target depth of 1,700 m. A full suite of open hole electronic logging has been performed and the well was successfully cased and cemented. Costs for drilling, casing, completing, and testing are expected to be within the $1.9-million budget.
Electronic logs indicate a total of 54 m net gas pay spread among six formations. The main formations of interest show generally good permeability and 15-20% porosity. The results support pre-drill probable (P50) expectations both to initial gas production (100,000 cu m/d or 588 boe/d) and targeted reserves of 6 bcf, subject to testing and reservoir performance under production conditions.
The drilling rig is preparing to move to exploration well EVN-1, while the workover rig is moving to LB-1001 for completion and preparation for testing.
President Energy is operator in the Las Bases Concession with 90% interest. Empresa de Desarrollo Hidrocarburífero Provincial SA holds the remaining 10%.