Field Type

The Puesto Guardian Concession is located in the Noroeste Basin in NW Argentina and includes five main fields Puesto Guardian, Dos Puntitas, Pozo Escondido, Canada Grande and Martinez del Tineo.

A productive concession with five active fields and a variety of different reservoirs, such as the prolific Yacoraite A6 aeolian sand and intervals of primary-secondary porosity in the Cretaceous Yacoraite-Las Avispas Limestones. Recent integrated studies performed by President have provided crucial insight unlock the key factors that control the oil accumulations and explain the intermittent successes from the historic original operator.

History

The fields were originally discovered by YPF in 1937 and the concession was awarded to a consortium in 1991 as part of the privatisation of YPF. Whilst a total of 115 wells have been drilled in the fields (resulting in a peak production of 9,000 bopd during the early 1980’s), only three wells have been drilled since the current Concession was awarded in 1991 and production has remained on a very slow decline, reaching 1100 bopd in 1994. In 2005, 344sq km of 3D seismic data was acquired over three of the fields, but low oil prices and other factors have meant that only limited activity has been undertaken since.

Today

When the field was acquired, the facilities and operation had deteriorated and the field was not making a return at the operating level.

Since taking control of the field, President has invested in:

• Optimizing the field operations
• Performed workover and acidification campaigns
• Modernized the management of the two production batteries
• Converted the primary lifting method to jet pumps.

The result is that the field production has stabilized around 450 bopd while providing positive net back. 14 wells are currently producing within the Puesto Guardian concession, with 2 wells acting as water injectors. The production of light sweet crude production is trucked to a local refinery in the region.

Independently certified reserves as at 31 December 2017 amounted to 18.2 mln boe of 2P reserves.

Outlook

The Company is currently engaged in studying the field for redevelopment candidates, and continuing to optimize the production operations. Development drilling could take place as soon as mid 2019.

Reserve reports