Argentina Update
26/01/2022 07:00
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RNS Number : 6012Z President Energy PLC 26 January 2022
26 January 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Argentina update
President Energy (AIM: PPC), the international energy company, provides an
update on its interests in Salta, Argentina.
Mattoras and Ocultar
President is pleased to announce that the non producing exploration areas of
Matorras and Ocultar (together "the Blocks") have, with the consent of the
Province of Salta, been relinquished and the work commitments transferred to
the producing Puesto Guardian Concession.
The transfer of the work commitments to Puesto Guardian totalling in value
US$2.61m, is approximately the cost of one production well in addition to the
current three well programme. Accordingly, this means that the Company has
exchanged non-drilling exploration dollar commitments for a further production
well which it fully intends to drill in a known producing area, thereby
generating royalties for the Province and revenue for the Company whilst
permitting the Province to re-market the exploration Blocks.
President expresses its sincere appreciation of the support of the Salta
Province and its authorities in its endeavours both in relation to the current
US$11 million three well drilling programme, the single most large capital
investment in oil and gas production in Salta for many years, and the matters
referred to in this announcement.
Contact:
President Energy PLC +44 (0) 207 016 7950
Nikita Levine, Investor Relations info@presidentpc.com
finnCap (Nominated Advisor and broker) +44 (0) 207 220 0500
Christopher Raggett, Tim Harper
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.
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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