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RNS Number : 7877V
President Energy PLC
12 August 2022
12 August 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
H1 Argentina Financial Results
US$8.1million Profit before tax* for the first 6 months
President Energy (AIM: PPC), the international energy company
announces key highlights from the independently reviewed results
from the first six months of the year to 30 June 2022 ("H1") in
Argentina in accordance with Argentine reporting rules.
H1 Argentina Financial Results
Pursuant to the Mini-Bond issued last year and announced in
November 2021 and extended earlier this year, President's Argentina
subsidiary, President Petroleum S.A ("PPSA") as stated in the
Company's announcement on 13 May 2022, the Company is obliged to
file auditor reviewed results in Argentina for each calendar
quarter.
The results of PPSA for H1 have been reviewed by Crowe, the
President Group auditors and are today filed with the relevant
Argentine authorities. The results have been determined under
Argentine GAAP rules. Such filing does not relate to President
Group as a whole, only PPSA. The difference in accounting standards
will produce anomalies in the various versions of the accounts.
The H1 Argentina Financial Report, converted from Argentine
Peso's into United States Dollars shows inter alia:
-- Turnover in excess of US$18 million. President is currently
projecting turnover in Argentina for the full year in excess of
US$40 million
-- The results do not include any beneficial impact from the
successful new wells in Salta. These are expected to positively
impact results in H2 2022
-- Profit before tax* for H1 of US$8.1 million
-- During H1 the average oil reference price in Rio Negro for
domestic sales was US$58.89 per barrel
-- Currently the reference price for domestic sales in Argentina is US$65 per barrel
-- During H1 President exported part of its production on three
occasions and partial export of production has continued into Q3
2022.
The full half year accounts according to UK standards is
expected to be announced before the end of September.
Peter Levine, Chair, commented:
"These results in Argentina achieved with the majority of oil
sold at domestic prices demonstrate the health and robust nature of
President's operations.
"With the impact of the increased production in Salta we are now
engaged to optimized results in the second period of this year as
well as the other activities of President and its evolving nature
of the Group as previously announced including its 28% interest in
Atome, its new Alternative Energy sub-group Green House Capital and
the steps towards Lithium previously announced."
Glossary
Profit before tax* means, in the context of this report alone,
profit after interest, income and foreign exchange operations but
before tax, depreciation and amortization
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
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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