President Energy PLC - Leeds-based oil & gas company focused on Latin America - Says Green House, its 75%-owned unit which eyes investing in alternative energy, will source, seed finance and incubate early-stage opportunities in the green and/or alternative energy sub-sector. "GH is intended to hold its interest in each business within a separate special purpose legal entity domiciled in an appropriate jurisdiction for business efficacy," President Energy says. In addition, President strikes deal with state-owned Argentina energy and mining resources firm REMSA. REMSA is responsible for managing energy and mining resources at Province of Salta, where much of Argentina's lithium is found.
"Whilst the memorandum does not guarantee that President would be able to acquire any prospective areas that REMSA and it identifies, there is a written understanding that President would have, under a private initiative process, both first offer and last offer rights to any areas that the company wishes after making such initial exploration and marks a first significant step in the start of cooperation with REMSA in a Province in which President is already a major investor and where it has established business and management structure," President Energy says.
Current stock price: 1.30 pence
12-month change: down 21%
By Eric Cunha; ericcunha@alliancenews.com
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