President Energy provides an update on the hydraulic stimulation programme on old shut in wells PE-7 and PE-8 at the Pozo Escondido field in the Puesto Guardian Concession (President 50% interest).

PE-7 Well

The PE-7 well is in the process of being cleaned up. The well which has been shut in for 27 years is currently demonstrating good flow rate potential in line with our expectations, and is swabbing at gross flow rate of liquids (oil and injection water) of 230bopd. The oil cut is presently 30-40% per cent and continues, as expected, to increase steadily as the injection water continues to be cleaned up. This production is only from the carbonate zone where no reserves are presently booked.

After completing the clean-up, the forward plan is a re-perforation of the deeper A6 sands with the well to be produced from both sections. Earlier well surveys have demonstrated that reservoir pressure is near original.

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