President Energy PLC - energy company with assets focused primarily in South America - New oil treatment at the Puestro Flores field in Rio Negro, Argentina has become fully operational with savings in line with expectations at around USD4 per barrel.
Drilling programme is expected to start at Puesto Guardian, Salta province, with a targeted initial projected new oil production of 120 cubic meters of oil per day.
Looking ahead, the Paraguay farm-out is on-track to gain regulatory approval by the end of the current quarter, while the Atome Ltd spin off and listing on the London Stock Exchange is set to take place later in 2021.
"We have much to look forward to in the coming months with at least three distinct initiatives, Salta, Paraguay and Atome that could each have a material impact on the group. The market can expect an increasing level of newsflow as we move towards the final part of the year," says Chair Peter Levine.
Current stock price: 1.89 pence, down 6.7%
Year-to-date change: up 5.0%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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