President Energy PLC - Leeds-based oil & gas company focused on Latin America - Announces that the non-producing exploration areas of Matorras and Ocultar have been relinquished and the work commitments transferred to the producing Puesto Guardian concessions.
The transfer of the commitments total in value at USD2.6 million, approximately the cost of one production well in addition to the current three well programme.
"Accordingly, this means that the company has exchanged non-drilling exploration dollar commitments for a further production well which it fully intends to drill in a known producing area, thereby generating royalties for the province and revenue for the company whilst permitting the province to re-market the exploration blocks," the company states.
Current stock price: 1.72 pence, up 5.9% on Wednesday
12-month change: up 10%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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