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    President Targets More Resources in Argentina


The company is targeting a structure with up to 736mn m3 of in-place gas.

by: Joe Murphy

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Natural Gas & LNG News, Americas, Premium, Corporate, Exploration & Production, News By Country, Argentina

President Targets More Resources in Argentina

Argentina-focused President Energy has started drilling a new exploration well at the Estancia Vieja field in the country's Rio Negro province, it said in a stock filing on October 14. The company is targeting an undrilled, undrained structure with up to 14mn barrels of oil and 26bn ft3 (736mn m3) of in-place gas. 

The EVN-x1 well will cost $2.5mn and take 28 days to drill to a depth of 2,000 m. In the P50 success case, the well could yield 250 barrels/day of oil and 60,000 m3/day of gas, President said. A good result could lead to some six follow-on wells, five of which would target gas and the other one oil.

President expects the well to have reached its target depth and logging work to have been done by the end of November. The company was able to sharply increase gas sales from the Estancia Vieja field in March after commissioning a new pipeline.