The development stages:In production - under development/1937-12.Covering 622 square kilometers, the Puesto Guardián license covers five fields, including four in production. The concession has reserves of 2.9Mb of oil and 7.4Mb in probable reserves. Argentina-focused In July 2014, President Petroleum increased its working interest in the concession to 100%. The field, which was was originally discovered in 1937, was concessioned to oil company San José in 1991 as part of the YPF privatization campaign. The only well drilled had a maximum production capacity of 9,000b/d in 1980, followed by a slow decline in production to 1,100b/d in 1991 and 450b/d in 1994. In 2005, 344km of 3D seismic data was collected across three fields, but lower oil prices and other factors made the drilling of potential wells economically unviable. In 2006, a 3D modeling procedure was carried out in two of the five fields. President Petroleum announced the start of a work program on the concession in 2015 that will include a combination of up to 10 well workovers and some 17 new wells. In order to raise the US$14mn needed for the operations, President Energy has placed 29.7 million new shares. The company has also applied for extended license terms under new legislation. It is hoped that such applications will be approved before the end of 2015. If granted, the end date of the Puesto Guardián concession would be 2050, and current proved, probable and possible (3P) oil reserves of 17.5Mb would likely be increased 16.5Mb to approximately 34Mb due to contingent resources becoming reserves.