President Petroleum Company plc has released a further update on Well 50, East White Lake, Louisiana, which has now been successfully re-completed and the initial results are considered very good with steady state rates of approximately 100 boepd, of which some 40% is good quality oil.

President holds a 21.875% net interest in this production. As with the previously re-completed wells, President enjoys high price realisations, low operating costs and low tax rates, producing net backs significantly higher in proportion than normal for this level of production.

Further Work

Drilling has now commenced on the first of two wells targeting proven undeveloped reserves at East White Lake. Additionally the side track of the McKerall 1 well is still on track to commence in September.

Peter Levine, chairman of President Petroleum (USA) Inc commented: "It is pleasing to record continued drilling success in the present Louisiana campaign. The excellent net post tax cash flow make these very high value barrels to us. President continues to maintain this step by step progress".

Tags: President Petroleum