(Alliance News) - President Energy PLC said Thursday the company has delivered on its "transformational" programme in 2018 and also maintained the 2019 production target.
Speaking at the upstream oil and gas company's annual general meeting Thursday, Chair Peter Levine said: "2018 was a year of real progress. All the company's operating fields in Argentina and Louisiana generated positive operating profit with our reserves position in Argentina also improving."
At the end of 2018, Levine said President's net proven reserves were 6% higher than a year prior at 15.4 million barrels of oil with the company's Rio Negro assets increasing by 83% to 8.1 million barrels, which Levine noted are of "higher value".
The company's Argentine assets' net present value pre-tax was USD291 million with total group value of over USD300 million.
"The group is now well placed to materially expand its medium and longer-term capacity and profitability with the ongoing USD50 million work programme for 2019 to 2020 of workovers and new wells, the first part of which has already commenced. This programme is aimed at delivering 50% exit production growth year on year and accordingly President maintains its target of a 2019 year end production rate of 4,900 barrels of oil equivalent per day," added Levine.
President said revenue from its Argentine assets in April and May is estimated at USD8 million, giving a five-month total of USD20 million.
In 2018, President posted a USD6.1 million annual pretax profit on revenue of USD47.2 million.
The company produced 2,279 barrels of oil equivalent per day on average in 2018.
"President continues to make encouraging progress in its stated objectives with the significant and challenging capital work progressing simultaneously on many fronts. The fruits of this work are expected to be seen in the latter part of this year," President added.
Shares in President Energy were down 4.0% in London on Thursday at 6.91 pence each.
