Corporate and Commercial Update
16/06/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220616:nRSP0583Pa&default-theme=true
RNS Number : 0583P President Energy PLC 16 June 2022
16 June 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Corporate and Commercial Update
President Energy (AIM: PPC), the international energy company announces a
corporate and commercial update
Highlights:
· President Argentina credit rating reaffirmed at Investment Grade
A -
· Further Argentine bond issue of US$3.585 million at 3.89% p.a.
interest rate
· Success for new well PG 13-1 at Puesto Guardian Concession,
Argentina
· Argentina new law allowing oil producers to transfer dollar funds
abroad under conditions
· Update on annual report and accounts
New Bond Issue
President Argentina has issued a further tranche of US$3.585 million in bonds
to the local market to fund further working capital and capital expenditure.
The interest rate is 3.89% with a 25-month repayment period and an initial 16
capital repayment month holiday.
In parallel with the issue, Fix SCR, the Argentina affiliate of Fitch, the
worldwide credit agency, has re-affirmed the credit rating of President
Argentina's bonds at Investment Grade A-.
Puesto Guardian Concession, Salta, Argentina, Update
The new well PG13-1 is now successfully in production and currently producing
over 200 bopd. The old well PE-8, which has not flowed oil for many years, has
been worked over and is also now in production with a much more modest 10
bopd, but every little helps.
Realised prices for domestic sale of President's Salta crude continue to
increase with prices currently US$66 per barrel, an increase of 12% from the
start of the year.
New Law
President notes the new decree that has been issued by the Argentine
government allowing access for oil and gas companies to the currency markets
in order to transfer United States Dollars abroad under certain conditions,
including relevant amounts being proportionate to incremental production year
on year.
Whilst President welcomes any change of law allowing repatriation monies to
the UK, the Company is considering the full terms and conditions relating to
this new legislation and will advise the market in due course if, and/or to
the extent that, the relaxation covered by this new decree is applicable and
can be utilised.
Annual Report and Accounts
The announcement of the Annual Report and Accounts for year-end 2021 will be
issued before the end of this month together with an update of current trading
with the Annual General Meeting expected to take place in July.
Glossary
Bopd means: barrels of oil per day
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDUVRRRUWUNAUR