Argentine Minibond
14/03/2022 07:00
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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
(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) +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.
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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