Trading and Corporate Update
28/07/2022 07:00
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RNS Number : 0013U President Energy PLC 28 July 2022
28 July 2022
PRESIDENT ENERGY PLC
("President" or the "Company")
TRADING AND CORPORATE UPDATE
President Energy (AIM: PPC), the international energy company provides an
update on trading and corporate matters.
Argentina
The three new wells at the Puesto Guardian Concession, Salta Province,
Argentina are all on stream and each producing in the range of 125-185 barrels
of oil per day. In addition, intervention work is being made on older wells at
the Concession to enhance production.
Trading overall in Argentina remains operationally profitable with President
generating good free cash flow and exporting oil to the extent possible and
appropriate. Domestic oil prices continue to increase with oil prices being in
our core Neuquen Basin area presently some $67 per barrel and progressively
increasing step by step. The price invoiced by the Company for the export
cargo sold in July was US$105.8 per barrel.
Being a US Dollar based business insulates President to a material degree from
the high inflation unfortunately suffered in Argentina at present and careful
management of Peso balances is being exercised to mitigate exposure.
Louisiana
To maintain and enhance production in Louisiana a gas lift system is currently
being installed and implemented with wells expected to be fully operational
again in August.
Non-Executive Director
Martin Urdapilleta, Non-Executive Director, retired at the Annual General
Meeting of the Company held on 22 July 2022 in accordance with Article 110 of
the Company's Articles of Association. Owing to increased business commitments
within South America for Trafigura, Martin was unable to offer himself for
re-election and accordingly has ceased to be a Director of the Company.
Notwithstanding the above, Trafigura continues as a significant shareholder in
President and the parties continue to enjoy a strong and mutually beneficial
trading relationship
Peter Levine, Chairman, commented:
"We would like to place on record our thanks to Martin for his services and
professionalism towards President throughout his tenure. Our colleagues in
Buenos Aires continue unabated to work closely with Martin and Trafigura in
Argentina on a day-to-day basis for which we remain grateful.
"Operations continue to progress in Salta and the levels of realized prices
achieved when we export is particularly pleasing."
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
+44 (0) 20 7920 3150
Tavistock (Financial PR and IR)
Simon Hudson, Rebecca Hislaire, Charles Baister
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.
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.
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