President Energy has successfully completed the first stage of drilling on the Lapacho well and has cased the well to a depth of 3,200 metres, approximately 1,100 metres above the projected start of the target reservoir. The Company is now preparing to drill on to the Target Depth (TD). The timing of the well remains on track with TD expected to be reached approximately 70 days after spudding on 2 September.
The Lapacho well is targeting discrete, well-defined fault block trap with management estimates of 1Tcf of gas and 30 mmbbls of condensate of gross mean unrisked resources. The target reservoir is the deep Santa Rosa lying at a drill depth of 4,300 metres immediately below the Devonian shales. The Company does not expect to intercept the target reservoir until towards the end of the drilling timetable.