President Energy PLC - Leeds-based oil & gas company focused on Latin America - Swings to a pretax profit of USD5.7 million in 2021, from a loss of GBP10.3 million the previous year. Revenue rises 23% to USD34.1 million from USD27.8 million as a result of a recovery in commodity prices in Argentina and the US, company explains. Net production averages at 2,473 barrels of oil equivalent per day in the year, down from 2,714boepd a year prior. However, average product price rises to USD40.7 per barrel of oil equivalent from USD30.0 per boe the previous year.
In regard to its current trading, company notes small month-on-month increases in oil prices in Argentina, with prices in the Salta province up 12% since the start of the year. Adds that, of the new wells drilled in Salta, all three were successful oil producers.
Current stock price: 1.51 pence, up 0.7% in London on Tuesday
12-month change: down 10%
By Heather Rydings; heatherrydings@alliancenews.com
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