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President Petroleum (PPC)

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Wednesday 17 August, 2011

President Petroleum

Further Louisiana Update

RNS Number : 4920M
President Petroleum Company PLC
17 August 2011
 



August 17, 2011

 

PRESIDENT PETROLEUM COMPANY PLC

("President" or "the Company")

 

Further Louisiana Update

Additional successful re-completion in Louisiana - Well 50 East White Lake



Well 50 East White Lake, Louisiana, 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".

 

For further information contact:

 

President Petroleum Company

 

John Hamilton, Interim Chairman

+44 (0) 207 811 0140

Ben Wilkinson, Finance Director

+44 (0) 207 811 0140

Evolution Securities

+44 (0) 207 071 4300

Tim Redfern, Neil Elliot, Adam James

 

RBS Hoare Govett

+44 (0) 207 678 8000

Stephen Bowler, John MacGowan, Max Jones

 

Pelham Bell Pottinger

+44 (0) 207 861 3232

James Henderson, Mark Antelme, Jenny Renton

 

 

Dr Jonathan M Cohen, FGS, C Geol, Executive Vice President Exploration, meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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