President Energy PLC - oil and gas company focusing on Latin America - Says drilling for new gas wells in Rio Negro province in Argentina is progressing well and in line with expectations.
Says new gas well EV-1002 drilled on time and on budget with successful electric log results. New well LB-1001 has now been placed on production, it says. New gas well EV-1001 successfully completed and being tested with results projected to be as expected.
President also says its realised oil prices for the first five month of 2021 are running 35% higher than average for the full year 2020 while average gas prices are running 40% higher than for the same period in 2020.
Chair Peter Levine comments: "This concludes the initial three well drilling programme in Rio Negro where we now turn to optimising production and making the most of robust oil and gas prices.
"President does not take this continued success for granted. As I have said, it's the product of hard work and careful planning in a country still hard hit by the pandemic. President continues to pursue strategic options for growth whether in our core business or through our recently formed green energy businesses.
"We expect a continued flow of further announcements both on operations and on strategic initiatives during the course of this quarter."
Current stock price: 2.27 pence, up 3.0% on Monday afternoon
Year-to-date change: up 26%
By Will Paige; willpaige@alliancenews.com
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