President Energy (LON:PPC) has now entered into a contract for a workover rig in relation to the forthcoming multi-well workover campaign, the plans for which were announced at the time of the recent placing in November 2016.
The rig is to be provided by Quintana Well Pro S.A. and will be based at and dedicated to the Company's Puesto Guardian Concession (the "Concession") for a period of 12 months, thereby giving the Company significant flexibility in its rolling workover programme.
It is expected that the rig will be mobilised to the Concession in the next four weeks after thorough acceptance testing.
First operations will commence in February with workovers of two producing wells which are presently under maintenance, together with the creation of a new water injector in a currently abandoned well.
Workovers on old shut-in wells are due to commence during March 2017. The workovers include a frac programme on at least three of the old shut-in wells.
The Company reaffirms its target of 1,200 bopd production from Argentina by end summer 2017, as originally announced at the time of the November placing.
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Gulf Keystone (LON:GKP) has appointed Stuart Catterall as chief operating officer and a member of the executive and leadership teams.
He will have responsibility for operational and technical activities within GKP, across the full spectrum of activities including procurement, budgeting and HSSE and will direct the execution of our current work plan.
Catterall has over 30 years' experience in oil and gas undertaking a breadth of senior leadership and technical roles with Amerada Hess, BHP Billiton, Celtique Energy and, more recently, as an independent petroleum development and operations consultant for PA Resources, Enquest and Petroceltic.
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The sector's biggest risers were Borders & Southern Petroleum (LON:BOR) and Nighthawk Energy (LON:HAWK) - up by more than 31.5% and over 9.6% respectively in late trading. The biggest fallers were Europa Oil & Gas (LON:EOG) and Egdon Resources (LON:EDR) - down by more than 22.9% and over 19% respectively.
(LON:BOR) Borders Southern Petroleum PLC share price was +1.28p at 5.32p
(LON:CHAR) Chariot Oil Gas Ltd share price was +0.11p at 8.96p
(LON:ENQ) EnQuest Plc share price was +2.13p at 54.38p
(LON:EOG) Europa Oil Gas Holdings PLC share price was -1.38p at 4.63p
(LON:GKP) Gulf Keystone Petroleum share price was -2.5p at 136.5p
(LON:GPX) Gulfsands Petroleum PLC share price was -0.38p at 10.63p
(LON:HAWK) Nighthawk Energy PLC share price was +0.12p at 1.31p
(LON:INDI) Indus Gas Ltd share price was +5.13p at 400.13p
(LON:PET) Petrel Resources PLC share price was 0p at 6.38p
(LON:PPC) President Energy Plc share price was +0.25p at 7p
(LON:RKH) Rockhopper Exploration PLC share price was -1.62p at 27.63p
(LON:RPT) Regal Petroleum PLC share price was +0.13p at 3.38p