Positive Production Sales
15/03/2022 07:00
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RNS Number : 7502E President Energy PLC 15 March 2022
15 March 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
Positive production Sales news
President Energy (AIM: PPC), the international energy company provides an
update and information regarding Production Sales.
President is pleased to report the following positive production sales news:
· The first material sales of oil from Louisiana for many months
are taking place with one barge load planned of between 5000-5500 barrels of
oil expected shipped this week with proceeds received as usual 20 days from
the end of the month. The price of Louisiana crude as well as that of gas
remain robust. With low opex and the continued use of ample tax losses,
President anticipates significant net cash generation in the context of its
Louisiana operations;
· President has received approval from the regulatory authorities
in Argentina to export approximately 19,000 barrels of oil being part of its
Argentine production this month at or around international prices;
· Long-awaited signals have been communicated to the market from
the Argentine national oil production company YPF as well as from the
Government that after many months domestic oil prices in Argentina will start
to increase from April with already an announcement on Monday that prices at
the pump will increase by 10%. President expects more of a gradual increase
reducing the material gap to world pricing. As such the progressive step by
step signs are welcomed and will have a positive effect.
President looks forward to the furture beneficial impact of these
developments.
Peter Levine, Chairman, commented:
"In Argentina, positive steps to raise in effect the net proceeds of our crude
is welcome as is further export of our product
"It is also satisfying to have Louisiana returning to make good bottom line
contributions to Group."
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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