(Alliance News) - President Energy PLC on Monday reported increased reserves at the higher value Neuquen basin in Argentina.
The Neuquen proved and probable reserve as of the end of 2019 stood at 13.4 million barrels of oil equivalent, over 20% higher than the same period a year before.
Overall Argentine proved and probable reserves increased marginally, to 25.9 million barrels from 25.0 million barrels. Proved, probable, and possible reserves in Argentina increased by 40% to 43 million barrels.
President said this reserve only includes producing assets in Argentina and does not include its other assets in Paraguay and the US.
"In a year when no drilling took place, albeit numerous workovers, the reserves replacement and increases in key producing reserves in the Neuquen basin in Argentina is commendable and sends a positive message underlining the future potential in our current assets. At the same time, our Puesto Guardian concession remains an important and valuable asset which will also receive our substantive attention this year," said Chair & Chief Executive Peter Levine.
"Thus, with a resumption of development and exploration drilling in both Rio Negro and Salta, we look forward to another year of reserves growth. Furthermore, whilst abiding by the prudent and appropriate mantra of 'step by step', we do not rule out a more substantial leap or two in 2020 if and when the right opportunities arise," he added.
Shares were 0.6% lower on Monday morning in London at a price of 4.02 pence each.
By George Collard; georgecollard@alliancenews.com
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