President Energy PLC Trading and Corporate Update (0013U)
July 28 2022 - 2:00AM
UK Regulatory
TIDMPPC
RNS Number : 0013U
President Energy PLC
28 July 2022
28 July 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
TRADING AND CORPORATE UPDATE
President Energy (AIM: PPC), the international energy company
provides an update on trading and corporate matters.
Argentina
The three new wells at the Puesto Guardian Concession, Salta
Province, Argentina are all on stream and each producing in the
range of 125-185 barrels of oil per day. In addition, intervention
work is being made on older wells at the Concession to enhance
production.
Trading overall in Argentina remains operationally profitable
with President generating good free cash flow and exporting oil to
the extent possible and appropriate. Domestic oil prices continue
to increase with oil prices being in our core Neuquen Basin area
presently some $67 per barrel and progressively increasing step by
step. The price invoiced by the Company for the export cargo sold
in July was US$105.8 per barrel.
Being a US Dollar based business insulates President to a
material degree from the high inflation unfortunately suffered in
Argentina at present and careful management of Peso balances is
being exercised to mitigate exposure.
Louisiana
To maintain and enhance production in Louisiana a gas lift
system is currently being installed and implemented with wells
expected to be fully operational again in August.
Non-Executive Director
Martin Urdapilleta, Non-Executive Director, retired at the
Annual General Meeting of the Company held on 22 July 2022 in
accordance with Article 110 of the Company's Articles of
Association. Owing to increased business commitments within South
America for Trafigura, Martin was unable to offer himself for
re-election and accordingly has ceased to be a Director of the
Company.
Notwithstanding the above, Trafigura continues as a significant
shareholder in President and the parties continue to enjoy a strong
and mutually beneficial trading relationship
Peter Levine, Chairman, commented:
"We would like to place on record our thanks to Martin for his
services and professionalism towards President throughout his
tenure. Our colleagues in Buenos Aires continue unabated to work
closely with Martin and Trafigura in Argentina on a day-to-day
basis for which we remain grateful.
"Operations continue to progress in Salta and the levels of
realized prices achieved when we export is particularly
pleasing."
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
Tavistock (Financial PR and IR)
Simon Hudson, Rebecca Hislaire,
Charles Baister +44 (0) 20 7920 3150
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.
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.
-ends-
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