President Energy expands Argentine holdings

President Energy PLC, Leeds, UK, has acquired two concessions with existing wells and infrastructure in the Nequen basin of Argentina from Rio Negro Province. The company paid $9.904 million for 90% operating interests in the Las Bases and Puesto Prado concessions, where proved oil and gas reserves are estimated at 1 million boe. Provincially owned EDHIPSA holds the other 10%.

OGJ editors

Nov. 28, 2018

President Energy PLC, Leeds, UK, has acquired two concessions with existing wells and infrastructure in the Nequen basin of Argentina from Rio Negro Province.

The company paid $9.904 million for 90% operating interests in the Las Bases and Puesto Prado concessions, where proved oil and gas reserves are estimated at 1 million boe. Provincially owned EDHIPSA holds the other 10%.

The concessions include 60 km of natural gas pipeline linked with a system on the company’s Estancia Vieja Concession.

The company expects to restart oil production from shut-in wells on the Puesto Prado Concession and gas production from wells on the Las Bases Concession at undetermined rates before yearend.

It’s testing the pipeline between Estancia Vieja and Puesto Prado for possible delivery of gas to generate electricity for Puesto Prado facilities.

Subject to subsurface reviews and partner approval, it might drill at least one gas well at Las Bases in the first half of 2019.