() has revealed that old shut-in wells in Argentina are showing good potential for commercial rates after a programme of hydraulic stimulation.
The AIM-listed company has a 50% stake in wells PE-7 and PE-8 at the Pozo Escondido field in the Puesto Guardian concession.
PE-7 is in the process of being cleaned up, having been shut in for 27 years, and is demonstrating good flow rate potential as expected. It is swabbing at gross flow rate of liquids (oil and injection water) of 230 barrels of oil per day.
The oil cut is currently 30-40%, President added, and continues to rise steadily as the injection water is cleaned up.
After finishing the clean-up, the plan is a re-perforation of the deeper A6 sands with the well to be produced from both sections.
PE-8 is also showing potential for commercial rates, having just started the clean-up phase.
?The preliminary performance of the two Pozo Escondido stimulations is providing strong encouragement for the potential for reserves in the carbonate reservoir, and for considering further stimulation across the large portfolio of old wells in the concession,? the company said in a stock exchange statement.
Well DP 1001 meanwhile is now producing 85% oil after its stimulation.
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