President Energy PLC Operations Update (0475V)
December 09 2021 - 2:00AM
UK Regulatory
TIDMPPC
RNS Number : 0475V
President Energy PLC
09 December 2021
9 December 2021
PRESIDENT ENERGY PLC
("President" or the "Company")
Operations update
Second well spudded Salta, Argentina
Detailed analysis supports produceability of oil in new well
DP-2001
President will export oil in January
President Energy (AIM: PPC), the energy company with a diverse
portfolio of energy assets provides an update on its oil and gas
operations in Argentina
Highlights
-- Well DP-2003 spudded at the Dos Puntitas field, Salta Province, Argentina
-- Detailed petrophysical review of the logs from new well
DP-2001 reinforce the deliverability of expected production with
completion work on the well due to start next month
-- President to export more oil from Argentina in January
Salta drilling
Drilling of the DP-2003 well at the Dos Puntitas field, Puesto
Guardian Concession (President 100%) has now commenced with a
projected drilling time of 23 working days (excluding logging and
casing times).
Budget for the well is US$3.5m with a target depth of 3,270
metres and initial production level of 40 m(3) /d.
Detailed petrophysical analysis of the electric logs from the
newly drilled DP-2001 well support the pre-drill oil production
estimate of 40m(3) /d.
In the meantime, the preparations for the mobilisation of the
workover rig to Salta to complete the new wells continue with
expected arrival in January in order to commence operations in that
month.
Export of oil from Argentina
In the light of continued robust international oil prices
President expects to sell a substantial part of their January
production by way of export, generating higher realisation prices
with an increment of 20% to bottom line profitability for the
relevant month. Whilst not anticipated every month it is hoped that
the equivalent of up to a third of President's entire Rio Negro
2022 production can be sold in that way subject to the differential
in pricing remaining constant
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker)
Christopher Raggett, Tim Harper +44 (0) 207 220 0500
Notes to Editors
President Energy is an oil and gas company listed on the AIM
market of the London Stock Exchange (PPC.L) primarily focused in
Argentina, with a diverse portfolio of operated onshore producing
and exploration assets.
The Company has operated interests in the Puesto Flores,
Estancia Vieja, Puesto Prado and Las Bases Concessions, and
Angostura exploration contract, all of which are situated in the
Rio Negro Province in the Neuquén Basin of Argentina and in the
Puesto Guardian Concession, in the Noroeste Basin in NW Argentina.
Alongside this, President Energy has cash generative production
assets in Louisiana, USA and further significant exploration and
development opportunities through its acreage in Paraguay and
Argentina.
President has in its portfolio Atome Energy PLC, it's hydrogen
and ammonia production company, soon to be spun out and floated on
AIM.
With a strong strategic and institutional base of support,
including the international commodity trader and logistics company
Trafigura, an in-country management team as well as the Chairman
whose interests as the largest shareholder are aligned to those of
its shareholders, President Energy gives UK investors access to an
energy growth story combined with world class standards of
corporate governance, environmental and social responsibility.
Further details on President and Atome can be found on their
respective web sites and twitter accounts.
This announcement contains inside information for the purposes
of article 7 of Regulation 596/2014
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END
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