President Energy identified 30 feet of net oil bearing pay at its A-54 well in Louisiana, an operations update revealed Wednesday.

The well at President's East White Lake Field was drilled to a depth of 9,400 feet, cased and lined ready for completion. Production is expected to kick off in four weeks.

President is also making progress in Paraguay and Argentina.

The group completed more than 450km of line clearing in Paraguay and anticipates the shooting of the 780 sq km of 3D and 100km of 2D seismic will begin at the end of March and completed in June.

In Argentina, an initial three well frac programme is poised to resume at the "end of the expected rainy season".

"A further announcement will be made on commencement of those operations which will include the findings of the detailed independent re-mapping exercise carried out on Puesto Guardian field," the group said.

RD

Related share prices
President Energy (PPC) share price