President Energy is to do a workover of shut-in well at the Puesto Flores site in Argentina.
The fully funded programme has been increased to four firm wells, which will be placed back into production.
Further wells are to be considered next year.
President also said it is expected to receive over $3 million net cash proceeds from its Argentine oil sales this month.
Peter Levine, chairman and chief executive, said: “With record net cash proceeds from Argentine sales receivable in November and the commencement of an increased firm workover programme at Puesto Flores Field, we are looking ahead and focused on continuing the trajectory of profitable growth in the new year whilst maintaining the core emphasis on margins.”
President said the objective for the four wells is to place them back into production, generating oil from the intervals originally perforated when the wells first came into production.
In addition, in three of the wells, a series of previously un-drained intervals interpreted from the original drilling logs as oil bearing will be perforated and if successful will be produced in parallel.
The total programme is expected to cost approximately $2.2 million and will be funded out of President’s existing resources.
Pay-back, ignoring any incremental production from new intervals, is projected to be less than 12 months at the October level of US$55 per barrel oil.
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