President Energy PLC - oil and gas company focusing on Latin America - Total proved and probable reserves as at December 31 stands at 24.3 million barrels of oil equivalent, compared to 26.4 million barrels estimated in 2019.
The company also revealed significant contingent resources in producing areas awaiting conversion. 2P reserves including contingent resources came up to 33.2 million barrels, up from 26.4 million barrels.
Looking ahead, President Energy expects to drill a record number of new wells in 2021 to produce more reserves.
"We look forward to delivering on that potential in 2021, with a record actual and contingent work programme announced on 20 January, including a prospective return to drilling in Puesto Guardian. This year's work is supported by more stable realisation prices in the markets we serve combined with both federal government and provincial investment incentives in Argentina," said Chair Peter Levine.
Current stock price: 2.40 pence, up 14%
Year-to-date change: up 33%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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