President Energy PLC Argentine Minibond (6370E)
March 14 2022 - 3:00AM
UK Regulatory
TIDMPPC
RNS Number : 6370E
President Energy PLC
14 March 2022
14 March 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Publication of Full Year 2021 Argentinian audited financial
statements
President Energy (AIM: PPC), the international energy company
announces the publication in Argentina of the local audited
financial statutory statements for President Petroleum SA, the main
operating entity in Argentina, in accordance with filing
requirements in connection with Argentine mini-bonds.
These financial statements, which are presented in Argentine
Pesos, are not directly comparable to the Argentine US dollar
segmental information in the President group for the following
reasons:
- They are prepared under Argentine GAAP accounting standards
rather than IFRS which results in significant differences;
- They include material inflation accounting adjustments not
recognised in the Group US dollar denominated results;
- They include intercompany transactions eliminated in the Group position;
- There are timing differences arising on recognition of certain transactions;
- There are differences in presentational format; and
- A different depreciation basis is applied, e.g., proven as
opposed to proven and probable reserves
Whilst no read across is therefore possible between these
results and the Group audited results to be published in due
course, for completeness, details of these local financial
statements can be found on the attached link.
https://aif2.cnv.gov.ar/presentations/publicview/89c1875a-53bc-4f34-ac76-761986fd109d
The Group audited annual results for 2021 incorporating
Argentina, USA, Paraguay and the UK are expected to be published at
the end of May 2022 in line with previous practice.
Peter Levine, Chairman, commented:
"The filing in Argentina of the local results in local format is
a requirement under the US$9 million mini bond we issued last year
and is purely for local consumption.
"Filings under the mini bond will now take place quarterly as
required by Argentine law and President will issue a similar RNS
statement on each occasion they are issued. Going forwards,
President's announcement will be accompanied by selected unaudited
Group trading highlights derived from the Company's own Group
management accounts. With regards to the 2021 year-end statements,
selected unaudited Group information was published via an RNS on 14
February, 2022".
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
Río 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.
It has also a 27.9% investment interest in Atome Energy PLC a
green hydrogen and ammonia producer whose shares are traded on AIM
of the London Stock Exchange.
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The person who arranged for the release of this
announcement on behalf of the Company was Peter Levine,
Chairman.
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END
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